Following a series of meetings in London and Dubai earlier this summer, it was agreed by the ICC and the PCB to work out a settlement out of court.

On his return from Dubai, Butt termed the settlement as a 'victory' for Pakistan cricket.

'We feel that this was the best possible solution and we will get an additional amount and would not be forced to beg for money to keep our cricket on track,' he said.

Butt said the PCB needs huge funds to continue sending its teams on foreign tours, which have increased due to the absence of international cricket in Pakistan.

The PCB suffered financial losses of around $30 million after India refused to send its team to Pakistan for a series in January-February this year.