STATEMENT - 11TH JANUARY, 2002

World Sport Nimbus confirmed today that it is proceeding with its action against the Board of Control for Cricket in Sri Lanka ("BCCSL") in the Singapore International Arbitration Centre in accordance with the clear terms of the arbitration clause in its Master Rights Agreement with the BCCSL.

The dispute concerns the BCCSL's decision last year to terminate its agreement with World Sport Nimbus and seek to sell the broadcast rights to Sri Lankan cricket to other parties, which World Sport Nimbus said was unlawful. Despite having clearly agreed in the Master Rights Agreement to refer all disputes to the Singapore International Arbitration Centre, the BCCSL last year issued proceedings against World Sport Nimbus in the Sri Lankan court. World Sport Nimbus has argued that the Sri Lankan courts have no jurisdiction and is deeply disappointed that the Sri Lankan courts have to date inexplicably refused to recognise the contractual right of World Sport Nimbus to have its dispute with the BCCSL resolved by arbitration before an international panel under the auspices of the Singapore International Arbitration Centre and that the Supreme Court in Sri Lanka has yesterday refused it leave to appeal on the issue of jurisdiction.

Because World Sport Nimbus does not recognise the Sri Lankan courts' jurisdiction in this dispute, it has at no point submitted to the courts' jurisdiction. When the BCCSL brought the action in the Sri Lankan High Court, World Sport Nimbus did not enter a defence since this would have represented a submission to the wrongful jurisdiction of the Sri Lankan courts.

World Sport Nimbus is continuing with the arbitration proceedings in the Singapore International Arbitration Centre and is confident that this forum will uphold its rights under the Master Rights Agreement. The Arbitration Centre issued a formal confirmation yesterday that the arbitration panel had been convened. The panel has 3 members; each of BCCSL and World Sport Nimbus has nominated one member and the Arbitration Centre has appointed the Chairman. World Sport Nimbus expects that the date for the preliminary meeting of the panel will be announced soon.