Zee makes initial payment of $ 20 million to BCCI

MUMBAI / NEW DELHI: Challenges in the court notwithstanding, Zee Telefilms is not letting any such distractions come in the way as it moves ahead full steam with its plans for the mother of all cricket acquisitions - India cricket telecast rights.

Honouring one of the conditions set by the Board for Cricket Control in India (BCCI) when it awarded Zee the rights for the next four years for a whopping $ 308 million, Subhash Chandra's network made an initial payment of $20 million this morning.

According to a spokesperson for Essel Group, the parent entity for Zee Telefilms and Chandra's other companies, it has also been conveyed to the BCCI that a bank guarantee worth $ 75 million is also ready as per conditions. "As and when the BCCI indicates, the bank guarantee would be furnished, which would also facilitate the signing of the contract simultaneously," the spokesperson added.

The other condition Zee had to fulfil when it was awarded the contract was to provide a bank guarantee. The board has also said it expects Zee to enter into an agreement with Prasar Bharati for the live feed of the cricket matches


Meanwhile, the case filed yesterday by ESPN Star Sports in the Bombay High Court challenging BCCI's decision to award the rights to the Zee Network has been adjourned to Thursday.

A division bench of Chief Justice DC Bhandari and Justice DY Chandrachud gave this decision when the ESS petition came up for hearing before them.

Petitioner ESS, incidentally, has also made the Indian government a party to the case.

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