IPG’s status quo on ‘Stallions’ and ‘Supreme’ ahead of LPL 2021
The Innovative Production Group FZE (IPG) this week said that “the termination of the arrangement with Stallion Sports Limited–the owners of the champion Jaffna Stallion outfit was solely due to persistent breach of their obligations, non-compliance with ICC regulations and non-payment of financial dues as per the commitment”.
A media release states that “these breaches were brought to the attention of Stallion Sports Limited vide multiple communications and in physical meetings since the beginning of 2021, but representatives of Stallion Sports Limited have deliberately and maliciously failed to cure the breaches as well as sought to unilaterally amend the commercial deal.”
“It is also important to highlight that due to persistent breaches and non-compliance with the ICC regulations, IPG group as the Events Rights’ Holder for the Lanka Premier League, having duly informed Sri-Lanka Cricket the breach of obligations on the part of Stallion Sports Limited, terminated the arrangement with Stallion Sports Limited in consultation with
Sri-Lanka Cricket,” the statement stated.
However, the IPG did not elaborate on what the breaches of obligations were, the non-compliance with ICC regulations or the non-payment of financial dues as per the commitment.
The Sunday Times sought clarifications from Anil Mohan, the Managing Director of IPG but he did not answer the queries saying ‘this is our response with all details’ referring to the press statement issued mid-week.
We asked them to elaborate on the obligations, the owners of the Jaffna Stallions have breached persistently, the specific breaches of the ICC regulations, the financial commitment of the franchise to buy the ownership, the amount they owed to IPG, whether other franchises honoured the payments in full and if they have not paid dues and not complied with ICC regulations, why did IPG as the Event Organiser invited Jaffna Stallions to be a part of the second editions?
On June 8, 2021, IPG has written to Jaffna Stallion owners inviting them for the second edition. They have even shared the agreement. The Stallions dismissed charges as baseless and said they have paid the franchise payment commitment before the first season ended.
After terminating the ownership of Jaffna Stallions, Allirajah Subaskaran, Chairman of Lyca Group was appointed the rights holder of the Jaffna based franchisee, which has been renamed as Jaffna Kings for the Lanka Premier League.
The IPG also says the right to secure a broadcaster for the Lanka Premier League vests solely with the IPG, pursuant to the Events Rights Agreement that was entered into between Sri Lanka Cricket and the IPG Group.
“The IPG Group pursuant to its rights sought to engage with broadcasters to license the terrestrial rights to broadcast the Lanka Premier League in Sri Lanka and after the successful conclusion of commercial discussions, executed an agreement with Supreme TV. This is a purely a commercial arrangement and motivated individuals are trying to spread false information by spreading rumours and misinformation that the execution of the agreement with Supreme TV was politically motivated.”
Supreme TV, a little-known local company has reportedly brought the rights by paying US$ 10mn, raising many a eyebrows with regard to the transaction.