MUMBAI: The Indian cricket board has terminated its contract with the sports management company that helped it launch the money-spinning Indian Premier League, local media reported Sunday.

The Board of Control for Cricket in India (BCCI) sent a letter informing IMG (International Management Group) of the decision last week, the Times of India said.

The BCCI had entered into a preliminary agreement with IMG in 2008 to promote and manage IPL's affairs. IMG was to be paid 10 percent of the tournament's gross revenue as commission.

The BCCI's letter said its working committee felt the "amount that was asked by IMG was disproportionate to services rendered."

The working committee objected to IMG being paid nearly 10 million dollars for the inaugural edition of the IPL in 2008, but still used the company for the second edition of the tournament that was staged in South Africa this year.

Discussions for redrafting the contract had failed, the Times said.