A PCB official confirmed that Nimbus, a well-known Indian broadcasting and sports management and marketing company, had bid an amount of $8 million (approximately 480 million rupees) for the various rights excluding TV pictures.
"Since their bid was the highest it has been decided to award them the long-term sponsorship contract but it's yet to be signed and I don't think this will happen before next week as some contractual clauses and legal details are being worked out between their team and our legal advisers," the official said.
The next highest bid for the title, co-sponsorship and in-stadium rights of international cricket in Pakistan has come from a Pakistani company that made a bid of around $6 million dollars.
The rights are being awarded by the PCB to the Indian company starting from January 1, 2006 to March 31, 2008 which means two and a half years of cricket including tours by the Indian, South African, West Indian and Australian teams during the contractual period.
The official said a senior representative of Nimbus had taken part in the bidding process and was in Lahore to formalise the contract and get it signed.
"But we don't plan to make an official announcement until the contract is signed and we've received the first instalment of the payment," he said.
He also confirmed a United Kingdom-based company Mstal had given the highest bid for the in-stadium rights of the home series against England.
"They've been in principle awarded the contract for in-stadium rights but have asked for time until October 10 to make the payments," he stated.
The company was represented by former Test player Asif Masood in the meetings with the Board officials.
"Basically it was due to Asif's presence that we decided to give them the contract for which they bid 15 million rupees.
But if they don't come up with the guarantee money by the deadline then we'll approach the next highest bidder who has offered 12.5 rupees," he said.
He was confident that if the deal with Mstal went through, the Board would earn around 45 million rupees from the sale of all sponsorship rights excluding TV from the England series.
"This figure represents the highest ever obtained by the PCB for a single series not involving India," he said.