The PCB accepted an out-of-court settlement to ended their legal case over being axed as co-hosts of the 2011 World Cup.
Pakistan chiefs accept out of court settlement for World Cup move
The Pakistan Cricket Board has ended legal proceedings over being axed as co-hosts of the 2011 World Cup after coming to an out-of-court settlement with the International Cricket Council.
Pakistan was due to host 14 matches of the 2011 World Cup, but those games were moved after the Sri Lankan cricket team was attacked in Lahore on March 3 - injuring seven players, an assistant coach while eight people were killed.
A legal battle was launched against the relocation in April and the PCB won a stay order against moving the World Cup headquarters from Lahore to Mumbai in India.
Following requests from the ICC and the Central Organisation Committee of the World Cup 2011, the legal battle was put on hold to discuss the matter in London in June.
Negotiations failed, but the PCB - who threatened to revive the legal fight - have now successfully brokered an out-of-court deal.
Settlement
"We have decided that the matter of the World Cup 2011 will be settled out of court," said PCB chairman Ijaz Butt. "The legal course has ended."
"Pakistan will get the hosting rights fee of US Dollars 10.5 million (£6.3 million) and apart from that the ICC will compensate us a substantial amount, which at this point of time I don't want to reveal."
Instead of 14 matches being staged in Pakistan, eight have been moved to India, four to Sri Lanka and two to Bangladesh.
Butt said relocating matches to a neutral venue such as the United Arab Emirates was an option but had been ruled out, while admitting it will take time to attract teams back to Pakistan.
"We did think over hosting the matches on neutral venues, but it would have cost us huge losses," Butt added.
"After the March 3 2009 incident in Lahore, the global perception about Pakistan changed," the PCB said.
"It will definitely take time for things to start becoming normal and for international cricket to return to Pakistan."
The 2008 Champions Trophy was also moved, and will now take place in South Africa from September 21 to October 5 this year after several teams refused to tour Pakistan over security concerns.
