Jan 11, 2013, 01.47 PM IST
The international stadium in Pune will no longer be known as "Subrata Roy Sahara Stadium" after business conglomerate Sahara Group decided to withdraw the name in the wake of its dispute with the Maharashtra Cricket Association.
Sahara had, on Tuesday, moved the Bombay High Court against MCA for "wrongful termination of agreements" regarding various rights in respect to the stadium and had got an interim relief against the cricket body's move to cover the name of the stadium with black cloth reportedly on the ground of default in payments.
"Sahara has decided to not use the name Subrata Roy Sahara Stadium for the said stadium anymore and shall be proposing a new alternative name, in accordance with the terms and conditions of the naming rights agreement executed between the parties," Sahara sources said.
MCA had invited proposals for acquiring, naming and for certain ancillary rights in respect of the stadium which was being constructed alongside Pune Expressway, including the right to construct and own a club on a contiguous piece of land adjacent to the stadium.
After Sahara expressed its interest to acquire the said rights in respect of the Stadium and Club, a non-binding Term Sheet and Master Agreement were executed between the parties.
A naming rights agreement was also executed under which MCA granted to Sahara an exclusive right to name the Stadium which was consequently named Subrata Roy Sahara Stadium.
But soon after the stadium's first IPL match last year, Sahara received a "shocking" letter from MCA, whereby it expressed its desire to terminate the agreements.
According to Sahara sources, the reasons MCA cited in the letter were that due credit was not given to them during the function ahead of the match.
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