taking away the country's share of 2011 World Cup matches, local media reported Saturday.
"(Lawyer) Mark Gay advised the board to take back the case as it was not strong enough," daily newspaper Dawn quoted unnamed PCB sources to say.
The PCB had taken legal action questioning the authority of the ICC to make the decision, but the newspaper said PCB chairman Ijaz Butt will formally withdraw the action when he meets ICC chairman David Morgan in Dubai next week.
Pakistan was ruled out as World Cup venue after gunmen attacked Sri Lanka's team bus and security detail during a March test, killing six police officials and a van driver. Several Sri Lanka players and officials also suffered injuries.
The ICC had already reallocated Pakistan's share of 14 World Cup matches among three other co-hosts _ India, Sri Lanka and Bangladesh.
The three World Cup co-hosts have rejected a PCB proposal to hold Pakistan's share of matches at a neutral venue, but the ICC has promised to give Pakistan $10.5 million as co-host.
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