ICC releases India's World Cup money

Published: Tuesday, April 27, 2004, 23:20 [IST]
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Kolkata:The International Cricket Council (ICC) has released "almost the entire" World Cup money it had withheld from India, BCCI president Jagmohan Dalmiya said on Tuesday.

"We received the money last week," Dalmiya said.

However, Dalmiya did not give the exact amount received by India but said it would be around $ six million.

Expressing 'satisfaction' over the ICC decision, Dalmiya said that it was a vindication of the BCCI's consistent stand that the money had been 'wrongly' withheld.

The ICC had announced on March 10 that it would release a portion of the 2003 World Cup money it had withheld from its member countries.

The decision was reached after ICC's commercial arm IDI was briefed on the progress of the negotiations with Global Cricket Corporation (GCC), the marketing rights holder of ICC events till 2007.

Based on the assessment, the ICC decided in last month's executive board meeting in Auckland, New Zealand, that it would release more of the withheld money while still ensuring that it retained adequate funds to cover any potential liability.

The ICC had withheld $ 6.5 million of India's money following damage claims faced by the country after its players signed an altered contract.

New Zealand and England besides hosts South Africa were the other countries whose share of the World Cup profits were withheld following compensation claims from GCC who cited instances of contract violation by the said countries.

New Zealand and England had their share withheld when they refused to play in Kenya and Zimbabwe respectively last year.

''Unfortunately, a claim of $ 47 million (Around Rs 200 crore) was slapped on us. But now we have been able to substantiate our point. We have proved that the claims were unjustified,'' said Dalmiya.

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