MUMBAI: There is more good news for Indian cricket, now from the money front. The International Cricket Council (ICC) has released almost the entire amount it had withheld to the Indian cricket board from last year's World Cup, following a damages dispute.

The announcement was made by BCCI president Jagmohan Dalmiya in Kolkota today. ICC had announced on 10 March that it would release a portion of the 2003 World Cup money it had withheld from its member countries.

The ICC had withheld $6.5 million of India's World Cup money following damage claims faced by the country after its players signed an altered contract.

BCCI had contested ICC's claim telling that World Cup marketing agents - Global Cricket Corporation (GCC) and World Sports Nimbus (WSN) had been able to sell 97-98 per cent of television slots and they have reportedly claimed damages worth $47.34 million.

The decision to free India's money was reached after ICC's financial arm IDI was briefed on the progress of the negotiations with GCC, a wholly owned News Corp subsidiary. GCC holds the marketing rights of ICC events till 2007. Based on this assessment, the ICC decided that it would release more of the withheld money.

The rest of the amount would be retained by ICC to ensure that there are adequate funds to cover any potential liability.