The Board of Control for Cricket in India (BCCI) on Monday terminated the contract with broadcast rights holder Nimbus. The decision was taken at the BCCI's Working Committee meeting following Nimbus defaulting on payments.
“The bank guarantee (Rs. 2000 crore) is being forfeited and the contract stands terminated with immediate effect,” said a BCCI official. The contract with Nimbus for telecasting all home series was to expire three years from now.
“We didn't want to continue with a defaulter. Nimbus had been defaulting regularly,” the official added.
According to the official, Nimbus, which had signed a four-year deal with the BCCI in 2009, had paid Rs. 24 crore before the meeting today. “But there was an outstanding amount of Rs. 88 crore,” said the official.
The BCCI also took the step since it had no international series at home for the next eight months. “It gives us enough time to look for a new broadcaster.”
The BCCI was also unhappy with Nimbus promoting World Series Hockey (WSH) during recent cricket matches.