Dubai, Aug. 27 : The International Cricket Council (ICC) and the Pakistan Cricket Board (PCB) have reached a settlement to the dispute relating to the staging of the ICC Cricket World Cup 2011.

The resolution was reached during a meeting between ICC President David Morgan and Pakistan Cricket Board (PCB) Chairman Ijaz Butt at the ICC office in Dubai.

In an agreement with the commercial arm of the ICC, the PCB will retain its host fees and also receive an additional payment as reasonable compensation for loss of hosting rights that it would have enjoyed had it hosted the matches on Pakistan soil.

It was further agreed that the PCB would be free of its liabilities and obligations associated with hosting matches during the tournament, including the location of the tournament secretariat which had originally been set for Lahore.

It is anticipated that the settlement will be signed by both parties later today at which point the PCB has agreed to withdraw its legal proceedings against the ICC.

Morgan said: "This resolution is good for world cricket and provides an improved platform for the ICC Cricket World Cup 2011 as we now have a degree of certainty surrounding the event that was not there while the dispute was ongoing.

"I am glad we were able to come to an amicable agreement and I believe this is a fair resolution for the PCB and the ICC."

The ICC Board in April decided that Pakistan could no longer host the 14 matches it was originally allocated because of the country's internal security situation.

"When the position in Pakistan, from a safety and security point of view, becomes satisfactory to the ICC and its specialist security advisors as well as to visiting teams, then international cricket will return to Pakistan," added Mr Morgan.

In welcoming the resolution, Butt said: "The PCB is content with the settlement that has been reached. We are able to see this dispute from the other side. We realise also the logistical and administrative difficulties that would be associated with organising our matches in the other three co-host countries.

"Our number-one priority is that cricket in Pakistan must not be allowed to suffer unduly and I believe this agreement is the best possible outcome for the game," he said.

As part of ICC's commitment to ensuring Pakistan cricket continues to flourish, the PCB had accepted the ICC Board's offer, made at its meeting in Perth in February, to form a task team under the leadership of ICC Director Giles Clarke (Chairman of the England and Wales Cricket Board). (ANI)