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NEW DELHI - India's cricket board has terminated its contract with sports management company IMG, which helped it launch the lucrative Twenty20 Indian Premier League (IPL), local media reported yesterday.
The Times of India said Narainswamy Srinivasan, secretary of the Board of Control for Cricket in India (BCCI), sent a letter informing IMG of the contract's termination due to a disagreement over payment terms.
The BCCI entered a 10-year agreement with IMG last year to conceptualise and manage the IPL's affairs.
IMG was to be paid 10 percent of the IPL's gross revenue as commission.
Tetter said the board's working committee felt the "amount that was asked by IMG was disproportionate to services rendered".
The working committee objected to IMG being paid nearly $10million for the inaugural edition of the IPL last year.
The Indian Express reported yesterday that discussions for redrafting the contract terms were ongoing between the BCCI and IMG during this year's tournament, and IMG was asked to submit a fresh proposal for consideration.
Srinivasan's letter said that IMG had failed to provide a fresh proposal for consideration by the BCCI working committee.
"The BCCI has taken a decision not to use IMG's services any more for the IPL," the Indian Express reported. - Sapa-AP