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New Zealand Cricket creates window for IPL - Mr.Bhat - 08-30-2010

A new eight-year deal between New Zealand Cricket (NZC) and the New Zealand Cricket Players Association (NZCPA) has been ratified. The deal runs till August 2018.

There's also a clear window for players to participate in the Indian Premier League (IPL).

Another big change is a risk and reward provision in which professionals receive a far greater share of any revenue greater than forecast in return for providing certainly for amateur funding and absorbing any shortfall.

All calculations within the new agreement are based on an eight-year commercial revenue forecast for NZC of around $360 million.

$152 million will be guaranteed from professional cricket during the term of the new agreement to underpin the game at all levels in New Zealand, including:

$65 million of guaranteed funding to grassroots cricket (From 2002- 2010, approximately $40-45 million was invested in grassroots cricket)

The ring-fencing of $25 million to NZC reserves from the hosting of the 2015 World Cup.

NZC CEO Justin Vaughan says, "New Zealand Cricket is delighted to have worked so closely with the NZCPA and the major associations to create a sustainable agreement which provides long-term stability for cricket and our players.

"Through the eight years $65 million is guaranteed to fund grassroots cricket and a further $25 million is ring-fenced for NZC reserves. These elements underwrite the future of cricket in this country.

"The long-term approach has allowed all parties to plan with certainty for the future and ensure that investment levels can be maintained into grassroots cricket. This is particularly important considering the significant changes we have seen to the shape of cricket in recent times".