The Board of Cricket Control of India (BCCI) has won the arbitration against World Sports Group (WSG) in the matter of now terminated Indian Premier League’s (IPL) broadcast rights contract for the overseas territories. The BCCI had accused the then chairman of its IPL Governing Council Lalit Modi of committing fraud on BCCI in collusion with WSG officials to the tune of Rs 425 crore. Now the Arbitral Tribunal has upheld the termination of the media rights agreement with WSG.
Now the lawyers representing BCCI in the case have urged that police complaint against former IPL commissioner Lalit Modi and WSG should be acted upon.
P. Raghu Raman Senior Counsel who represented the BCCI told IANS: “Now that a binding arbitration award has clearly pointed out the fraudulent conduct of Lalit Modi and others from WSG group, the police complaint given by BCCI to prosecute these persons at least at this stage should be acted upon.”
IPL TV Rights Dispute Settled : BCCI set to get 800 Crore windfall
The majority decision by an Arbitral Tribunal consisting of Supreme Court Justices (Retd) Sujatha Manohar, Mukunthakam Sharma and S.S. Nijjar will bring in huge windfall for BCCI. As the tribunal upheld the termination of the media rights agreement for overseas territories with WSG by the BCCI on June 28, 2010, BCCI is due for Rs. 800 crore windfall.
In a complete vindication of the hard stand taken by the BCCI office bearers including N. Srinivasan then Secretary, the Arbitral award has allowed the BCCI to appropriate the amounts lying in escrow pending the arbitration. This sum is to the tune of over Rs800 crore.
Speaking to IANS, a former BCCI official said that the verdict vindicates the stand of the BCCI. “It is relevant that the Award has accepted the case of BCCI that Lalit Modi was guilty of concealing the agreements that had been entered into and also the defaults committed by WSG Mauritius, from the then office bearers,” he said.
IPL TV Rights Dispute Settled : What exactly was the BCCI – Lalit Modi – WSG Dispute all about ?
The BCCI had accused the then chairman of its IPL Governing Council Lalit Modi of committing fraud on BCCI in collusion with WSG officials to the tune of Rs 425 crore. Reason, Modi had executed a 10 year TV Rights contract with WSG Mauritius in exchange of facilitation fee to the sports marketing rights company. The board believed that the almost Rs 425 crore have been siphoned off from the BCCI / IPL coffers and gone into the hands of a middle man. The board also accused Modi of committing fraud on BCCI in collusion with WSG.
BCCI, led by then secretary N Srinivasan raised red flag on the deal and it resulted in termination of the said agreement. Since that time matter was in legal dispute and now with binding arbitral order BCCI stands vindicated.