The Hindu : India to get back its guarantee money

Online edition of India's National Newspaper
Sunday, Nov 02, 2003

Sport

Sport - Cricket

India to get back its guarantee money

New Delhi Nov.1 Ending the prolonged controversy, cricket's governing body, the ICC, agreed to release nearly Rs. 30 crores of India's guarantee money for the last World Cup that it had held up because of players' contract issue.

The International Cricket Council (ICC) President Ehsan Mani said the members could get their money back after complying with certain financial conditions.

``The ICC would put in place a process through which any member can access the withheld money upon an unconditional and irrevocable undertaking, perhaps a bank guarantee,'' Mani told reporters in a teleconference. ``This will be conditional upon external auditors and legal advisors who will assess how much money can be accessed by the members,'' Mani said winding up the two-day Executive Board meeting of the ICC at Barbados, West Indies.

The ICC had withheld India's guarantee money of $6.5 million after their cricketers refused to accept the Players Terms in the ICC contract and participated in the event on certain conditions.

Mani said it was not ICC's policy to withhold money and the decision was in line with that principle.

He added that the 47-million-dollar compensation claim of Global Cricket Corporation (GCC) was still being looked into. ``It is an on-going process. We have a valuable partnership with the GCC. We must never lose sight of that. We are working with GCC on it.''

PTI

Printer friendly page
Send this article to Friends by E-Mail

Sport