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Innovative Production Group defaults on first payment for Lanka Premier League – report

LPL 2020 - Lanka Premier League

The Innovative Production Group (IPG), the event rights holder of the Lanka Premier League (LPL) has failed to settle the rights fees to date, even though the agreement entered into between Sri Lanka Cricket (SLC) and IPG on October 14, 2020, required an immediate payment.

This is despite SLC having sent several reminders to IPG upon submission of the invoice to settle a balance of US$ 1,775,000 (after deduction of the bid collateral amount).

The IPG entered into a five-year agreement with a Dubai-based company which in turn agreed to pay a sum of US$ 1,920,000 annually for the first two years of the five-year deal. They agreed to increase it by 10 per cent each subsequent year…

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