This comes closely on the heels of Nimbus being forced to postpone the inaugural World Series Hockey event
BestMediaInfo Bureau | Delhi | December 13, 2011
These are not happy times for Nimbus Sports. Yesterday, the sports broadcaster had to announce new dates for the inaugural edition of the much-hyped World Series Hockey, which will now start in February. And within a day comes a bigger blow: the Board of Control for Cricket in India (BCCI) has terminated its four-year deal with Nimbus with immediate effect, allegedly for non-payment of dues.
BCCI said in a statement: “Nimbus has defaulted. They have not paid the 50 per cent advance payment of both the England and West Indies series and that is why the contract was terminated." The contract was till 2014.
Nimbus had initially signed a four-year deal with the Cricket Control Board in 2005-06 and renewed it 2009-10. In 2009, BCCI signed a four-year contract (2010-2014) with Nimbus, for around Rs 2,000 crore. Nimbus agreed to pay Rs 31.5 crore for each Test, 50-over and Twenty20 international match played in India during those four years.
It is learnt that the BCCI will now encash a Nimbus bank guarantee of Rs 2,000 crore. The BCCI decision is likely to be challenged by Nimbus in nthe courts.
The cancelletaion of the agreement with Nimbus is likely to lead to a strong bid by the other sports broadcasters to fill the void. SetMax, Ten Sports and ESPN. SetMax is the right holder for IPL; ESPN is the official broadcast partner of the International Cricket Council (ICC); and Ten Sports is the right holder for the Pakistan and South African cricket boards.