The Indian Cricket Board has cancelled its contract with event management company IMG World, which played a significant role in the success of the first two editions of the cash-rich Indian Premier League.
The decision to snap ties was taken after the BCCI Working Committee refused to approve the terms and conditions of the contract.
BCCI secretary N Srinivasan, who negotiated the agreement with IMG senior vice-president Andrew Wildblood, conveyed the board's decision to the company in a letter.
Srinivasan said in the letter that BCCI primarily engaged the company for the first edition of the IPL for an amount of Rs 42.92 crore after which the board's Working Committee refused to approve the terms and conditions of the contract.
The letter added that when the negotiations between the two parties were at a pending stage, the BCCI again decided to use IMG's services for IPL II in South Africa earlier this year.
However, when contacted BCCI President Shashank Manohar told PTI, "I will neither confirm nor deny the development."