This media advisory is intended to clarify, for the benefit of all our stakeholders and especially our friends in the media with regard to the false and baseless rumors being spread with malicious intent around the termination of the arrangement pertaining to rights to operate and manage Jaffna Stallions.
To set the record straight, we, the Innovative Production Group FZE (IPG) would like to state the following facts to clear the misinformation and address the rumors, as the Event Rights Holder of the Lanka Premier League (LPL) upto 2024. The termination of the arrangement with Stallion Sports Limited was solely due persistent breach of their obligations, non-compliance with ICC regulationsand non-payment of financial dues as per the commitment. These breaches were brought to the attention of Stallion Sports Limited vide multiple communications and in physical meetings since 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.
This kind of atrocious, malafide and flagrant behaviour was simply unacceptable and needed to be remedied to safeguard the interest of all stakeholders in our capacity as the Event Rights holder of the Lanka Premier League Tournament.
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 IPG group continues to engage with our stakeholders and work closely with the Sri Lanka Cricket for the betterment and growth of cricket in Sri Lanka. We believe and are committed to delivering on the promise to make the Lanka Premier League one of the best in the world, with the aspiration of providing young Lankan cricketers, a platform to develop their skills and in turn making Sri Lanka cricket the world powerhouse once again.
As mentioned in our earlier media release MrAllirajah Subaskaran, Chairman of Lyca Group is the new rights holder of the Jaffna based franchisee, which has been renamed as Jaffna Kings for the Lanka Premier League. We also seek to clarify that 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 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 rumors and misinformation that the execution of the agreement with Supreme TV was politically motivated.