Maharashtra Cricket Association in trouble as it fails to meet bank deadline for loan repayment
The monetary-crisis has forced the officials to seek help from the BCCI.
Published - Nov 3, 2018 5:06 pm | Updated - Nov 3, 2018 5:06 pm
Indian cricket is witnessing times of adversity as some state associations have failed to ensure the smooth functioning of the organization. A cash crunch situation has emerged in the Maharashtra Cricket Association (MCA) and it has come out that they have even failed to meet the bank’s deadline for making the payments.
MCA owes the consortium, led by the Bank of Maharashtra, a debt of 73 crores which was meant to be paid by 31st October as per the deadline set by the bank. However, as the association failed to arrange the funds, the banks threaten to attach MCA’s prime property, the stadium in Pune.
Crisis in the MCA
As per the reports in the Mumbai Mirror, the association has already been served with two notices but they managed to bail out by paying a part of the total due amount. While they don’t have enough money in hand, the banks are demanding an immediate payment of the outstanding amount.
It was reported that the consortium had lent money for the construction of the stadium. MCA’s Riaz Bagwan, who currently runs the association, refused to comment on the matter and said, “You can write whatever you want. We’ll not comment,” as quoted by Mirror. The report further mentioned that the association has asked for some time to make the deposit since a Ranji Trophy match between the home team Maharashtra and defending champions Vidarbha is currently underway at the venue.
Seek help from BCCI
The monetary-crisis has forced the officials to seek help from the BCCI. MCA is looking to release a payment of INR 12-13 crores to the banks and thus has asked the Indian board for help. MCA doesn’t share a harmonious relationship with the board and thus it is still to be seen whether or not the BCCI extends its hand.
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