The Cricket Board will recover Rs 425 crore from IPL's sub-continent media rights holders MSM Satellite as part of the amended media rights agreement which was approved by the T20 League's Governing Council here today.
The BCCI successfully contended that the Rs 425 crore facilitation fee paid by MSM to Mauritius-based World Sport Group rightfully belonged to the Board, said BCCI secretary N Srinivasan in a media release after the IPL meeting.
Srinivasan also said MSM, who have agreed to pay Rs 300 crore now, were also taking steps to recover the balance amount of Rs 125 crore from WSG and, once this is done, this amount too would be handed over to the BCCI.
"Today, the Governing Council-IPL had approved an amended Media Rights Agreement with MSM Satellite (Singapore) Pte. Ltd. In which MSM would agree to pay the balance payable under the Facilitation Fee Agreement to the BCCI," the Board secretary said in his media release.
"Thus, they have agreed to pay Rs 300 crore as part of the Rights fee to BCCI. MSM Satellite (Singapore) are taking steps to recover Rs 125 crore already paid to WSG Mauritius and on recovery, will pay the same to BCCI," Srinivasan said.
The Board had contended that once it became aware of the Rs 425 crore payment by MSM to WSG, they informed MSM it was "an improper payment", according to Srinivasan.
