Zee to meet BCCI conditions well before deadline

Published: Monday, September 6, 2004, 23:53 [IST]
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New Delhi:Zee Telefilms Ltd, who bagged the telecast rights of the BCCI at a whopping $308 million, on Monday said they would submit the stated $20 million signing amount within the stipulated time.

"Everything is moving as per scheduled. We will deposit the amount much before the deadline," a spokesman for Zee said in New Delhi on Monday.

The company on Monday bagged the rights for telecast of cricket matches to be played in the country for the next four years, subject to $20 million being deposited within 48 hours.

"We have also been asked to give a bank guarantee and we will do that as well before the deadline," he said.

Board of Control for Cricket in India (BCCI) president Jagmohan Dalmiya had said on Sunday that the Letter of Intent would be extended to Zee after receipt of $20 million by the BCCI.

Subhash Chandra, chairman of Zee Network, had said that the company had agreed to the condition and the signing amount would be provided to the Board before the stipulatedtime.

Zee, originally the highest bidder, were asked if they could match the revised figure of $308 million put forward by rival ESPN-Star Sports at the marketing committee meeting of BCCI on Sunday, and they promptly agreed, thereby bagging the deal.

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