The Pakistan Cricket Board hopes to receive up to $18 million after settling a legal dispute with the International Cricket Council over the stripping of hosting rights for the 2011 World Cup, a top PCB official said.
“At the moment the figure is around rupees 1 billion ($12 million) but I hope it could go up to rupees 1.5 billion ($18 million) by the time World Cup begins in 2011,” PCB chairman Ijaz Butt told reporters.
Butt returned home from Dubai after signing an agreement with the ICC president David Morgan according to which Pakistan will retain its host fees - $10.5 million - and will receive additional compensation for the loss of hosting rights.
“It’s a confidential document which we both (ICC and PCB) signed, but I can tell you that much that I hope the total earnings of PCB might go up to rupees 1.5 billion,” Butt said.
In return the PCB will withdraw all its legal cases against the ICC and all its 14 World Cup matches will now be distributed among India, Sri Lanka and Bangladesh - the three co-hosts of the World Cup.
“Within the next 15 days the PCB will withdraw all its legal cases against the ICC,” Butt said.
Pakistan lost the right to host international cricket matches after gunmen attacked Sri Lankan cricketers and their security detail on March 3, leaving six police officers and a van driver dead.
Butt said a clause had been added to Thursday’s agreement, saying international cricket will return to Pakistan when the ICC and other teams are satisfied the security situation had sufficiently improved.