The Board rubbished reports in the media that sponsors associated with it have defaulted in or delayed their payments.

Srinivasan also stated that the BCCI's projected revenue has taken a hit to the tune of Rs 120 crore because of cancellation of two ODIs against England (scheduled at Guwahati and Delhi) and cancellation of the tour to Pakistan in the wake of the terror attacks in Mumbai.

"The BCCI clarifies that none of the sponsors associated with it are delinquent in payments. No default has been committed and BCCI enjoys a healthy relationship with all sponsors", Srinivasan said.

"The Working Committee noted that there would be a reduction in revenue in the current year to the effect of Rs 120 crore, as a result of the cancellation of two ODIs against England, and the cancellation of India's tour to Pakistan", he said.

"This includes the loss of revenue arising out of the postponement of the ICC Champions Trophy 2008 (scheduled in Pakistan). It is to be noted that while there will be a decrease in revenue, the BCCI will still have a healthy excess of Income over Expenditure for the current year," Srinivasan stated.

The Working Committee also approved the reports of six sub-committees, including that of the Gradation Committee which formalised the new list of centrally contracted players.

Former captain and ex-national selection panel head Dilip Vengsarkar had expressed his surprise at the exclusion of Mumbai's top leading run-getter and wicket-taker – Ajinkya Rahane and Dhaval Kulkarni - from the list and had hoped that the Working Committee would add their names whenever it met.

... contd.