Zee Network bagged the Board of Control for Cricket in India's telecast rights of matches to be held in the country in the next four years at USD 308 million, subject to the broadcaster depositing a signing amount of USD 20 million within the next 48 hours.

Announcing the decision, BCCI President Jagmohan Dalmiya told a press conference in Chennai on Sunday that "the Letter of Intent will be extended to Zee soon after receipt of USD 20 million by the Board."

Clarifying that there was no separate account for live coverage of domestic matches during the period, Dalmiya said "technically we have not awarded the rights to either of them."

"We have agreed to the condition of the signing amount to be paid and it will be provided to the BCCI before the stipulated time," said Subhash Chandra, Chairman of Zee Network.

"It is an overwhelming feeling to have finally been able to seal the deal. We could share the payment schedule with the BCCI today since the match schedule for the next four years were made available to us yesterday," Chandra said.

Asked whether the tender was reopened on Sunday, Dalmiya said there was no question of reopening the tender.

"It was part of negotiations and ESPN agreed to pay USD 308 million at yesterday's meeting. Since Zee were the highest bidder they were given an opportunity to match the figure."

Zee were asked during negotiations with the BCCI's Marketing Committee whether they could match the figure of USD 308 million offered by ESPN.

Dalmiya said ESPN officials were also called for the meeting today to explain to them the situation.

"They are still discussing with Board officials," he said.

The BCCI Chief also said Zee had been asked to inform the Board which company will be doing the production work besides fulfilling other formalities in respect of payment schedules.

"If Zee fulfils all these formalities, they will get the telecast rights," he said adding, "Zee have stated today that they will pay the required USD 20 million and rights will be awarded to them only then."

Zee had made the highest bid at USD 260 million and promised another Rs 95 crore for coverage of domestic matches, while ESPN had quoted USD 230 million in the tender which was opened on August 14.

ESPN offered to pay USD 308 during negotiations with the Marketing Committee today.

Reacting to Dalmiya's announcement, Chandra said, "we accepted to match the bid and then we were told to give USD 20 million as signing amount. We will provide it as stipulated.

"We have accepted the fresh offer in order to ensure the rights and all other aspects of the contract would be discussed and finalised before mid-September," he said.