The Cricket Association of Nepal (CAN) is set to sell the Nepal Premier League (NPL) rights to an Indian company for 10 years for a total sum of Rs 420 million.
CAN presented a draft of the Memorandum of Understanding (MoU) with the Haryana-based Seven3Sports Private Limited (S3) in its Annual General Meeting, held virtually on November 18, while a number of representatives objected the idea of handing over the rights to a foreign party.
Though four province committees criticised the decision, the meeting gave mandate to the executive committee to start the process of signing MoU with the Indian company.
As per the MoU draft, the Indian company will pay a total of Rs 420 million over the 10 years as license fee for NPL and Junior Cricket Championship.
“It is agreed between the parties that the appointment of S3 as a long term strategic and commercial partner and advisor to CAN has been made with the aim of entrusting S3 with the function of conceptualising, designing, creating, organising and administering the Nepal Premier League T20. It is further agreed that S3 is entrusted with the right to take all steps as deemed necessary in order to organise, promote, sustain and further develop NPLT20,” the draft reads.
CAN Secretary Ashok Nath Pyakurel said, “They (S3) approached us with the proposal and we presented it before the AGM. We received a number of concerns from the representatives and the executive committee will now prepare a new proposal as per the feedbacks”.
“The ownership will remain with CAN and S3 will be responsible for organising the event apart from securing sponsors and TV rights. They are ready to pay Rs 420 million net as the exclusive right holders of NPL,” he added.
“Intellectual property right shall remain with CAN and S3 has been licensed the NPLT20 mark, logo, trade mark and all associated intellectual rights for its monetisation during the term of the agreement,” the draft states.
The meeting also approved the financial reports of 2070-2076 and instructed the executive committee to prepare programmes and budget for the current fiscal year.
Similarly, the meeting mandated the executive committee to prepare, approve and implement anti-corruption, anti-doping and ethics policy, five-year strategic plan, working procedures of district and province committees, and code of conduct for players, office bearers, general manager, chief coach and staff at all levels.