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ShareMUMBAI: The performance of the players may have taken a beating, the cash flow into the Board's coffers, has not. In the midst of all the hue and cry over India's early exit from the World Cup, the Board has resolved a major issue. Nimbus, which had 'threatened' to pull out of its $612 million television contract with the BCCI, is very much on board. It has, in fact, paid the bank guarantee to BCCI.
"We've resolved the whole issue amicably. Nimbus has given us the first bank guarantee," BCCI secretary Niranjan Shah confirmed to DNA. Nimbus paid the first instalment of Rs 400 crore -- as per the new arrangement -- to the Board on Thursday. "We're happy to be taking forward our agreement," said a Nimbus spokesman.
The four-year television rights deal was in trouble after a recent Government law which forced the private broadcaster to share the live feed with Doordarshan. But Nimbus withdrew its threat of a 'pullout' after the BCCI came forward to share its losses.
Nimbus was to pay Rs 960 crore bank guarantee by March 31 but as per the new agreement it can pay the guarantee money in two instalments. The deadline for the first instalment is March 31 and the second deadline in June 30. Both the parties, in the meantime, will get the Nimbus' losses -- for sharing the feed with DD -- quantified by a third party, and would abide by its decision.
This is the second year of the agreement and during the period India are to play some big matches. India will be hosting Australia in seven ODIs after which South Africa and Pakistan will visit the country.
Prior to all this, India will visit Bangladesh for a short series. Incidentally, Nimbus also holds the media rights for the Bangladesh Cricket Board too and will be televising the matches in both countries.
Meanwhile, the Board is planning to resolve the other contract issue. The players contracts, pending since October last year, are likely to be pushed through during the April 6-7 meeting called to discuss India's debacle in the World Cup.
"We're hoping to get the contracts signed by the players soon," said Shah confirming that the players' incentive would be based on their performance. The contracts were to be signed before the team left for the West Indies but were put on hold because of players' reservation over certain clauses.
