LAHORE: The London Court of International Arbitration (LCIA) has ruled in favour of the Pakistan Cricket Board (PCB) in multiple arbitrations against Techfront and Blitz. A PCB spokesman said that the board has received the final awards of the arbitration proceedings initiated by it against Techfront International FZE (Techfront) as well as two separate arbitrations filed against it by Blitz Advertising (Pvt) Limited and the outcome of all arbitrations has been favourable towards the PCB.
The dispute relating to Techfront International FZE (Techfront) was on default of rights fee payments due in respect of the Television Broadcast and Live Streaming Media Rights Agreements of the HBL Pakistan Super League (PSL), while the disagreement with Blitz Advertising was, inter alia, on the delayed television broadcast and live streaming media rights fee payments for HBL PSL 2020 matches.
In the arbitrations, the sole arbitrator appointed by the LCIA dismissed Techfront and Blitz Advertising’s claims and directed both entities to pay to the PCB rights fees rightfully due to be paid to PCB as claimed as well as the costs claimed by the PCB in lieu of counter-claims, damages, arbitration and legal costs and other miscellaneous expenses incurred. All awards have been issued in accordance with the laws of Pakistan as well as LCIA Rules under which every award shall be final and binding on the parties and by virtue of the arbitration agreement, the parties undertake to carry out any award immediately and without any delay.
PCB Chief Operating Officer Barrister Salman Naseer said, “These are major triumphs for the PCB as we have been able to successfully claim substantial revenues of the HBL Pakistan Super League. This also indicates we have air-tight contracts and that we will go full distance in protecting the HBL PSL brand as well as the interests of our franchises.”
Copyright Business Recorder, 2022
Comments
Comments are closed for this article.