In an unprecedented move, an emergency executive committee meeting of Hyderabad Cricket Association (HCA) has decided to pay Rs.75 lakh to Visaka Industries as ‘compensation' for the commercial interests it purportedly suffered by way of hosting the four 2012 IPL matches.
Visaka Industries signed an agreement with HCA with regard to the construction of Rajiv Gandhi Stadium which meant it got some commercial interests protected by way of advertisement rights, corporate boxes for all ICC matches. However, the Governing Council of IPL, which was not conceptualised when Visaka signed the pact with HCA, made it clear that the stadium should be handed over to the IPL franchisee without any strings attached. Apparently, HCA, keen on hosting all the four matches, took this extraordinary decision to give some ‘relief' to the Visaka group and also take care of Chargers' interests. It may be mentioned here that any State Cricket Association hosting the IPL matches will get a guarantee money of Rs.30 lakh per match. HCA would get Rs.1.20 crore for the four matches it is hosting this season (two each in Vizag and Cuttack). HCA joint secretary S. Venkateshwaran, treasurer Naresh Sharma, vice-presidents N. Shivlal Yadav and M.V. Sridhar did not attend the meeting.
