The dispute between the West Indies team and the country's cricket board over sharing sponsorship revenues at the World Cup has been settled, the West Indies Cricket Board said on Thursday.

Roger Braithwaite, acting chief executive officer, West Indies board, said it was satisfied with a settlement that maintained the established principle of team sponsorship being shared between the players and the WICB.

The LNM Group, the West Indies' official sponsor for the World Cup, will give the team incentives for progressing in the competition as originally proposed.

Dinanath Ramnarine, president, West Indies Players Association, was pleased with the outcome, saying: "The team is satisfied with the agreement and fully committed to fulfilling the obligations to the new sponsor."

"We regret any inconvenience the LNM Group may have experienced as a result of this negotiation. We would like to thank them for their support. Indeed, WIPA looks forward to a long association between this company and the team," he added.

Braithwaite indicated the West Indies board was taking steps towards a comprehensive approach to compensation, including sponsorship, it hoped would eliminate negotiations like those that have taken place if a new sponsor came on board just before a tour.

He had earlier met players' representatives Ramnarine and Wavell Hinds in Antigua, where the squad is preparing for the World Cup, to try to settle the dispute.

The players were demanding a majority share of the sponsorship in a situation that revived memories of the West Indies team strike at London's Heathrow airport before their crushing defeat in South Africa in 1998-99.

The West Indies, who won the first two World Cups in 1975 and 1979, are due to play hosts South Africa in the tournament's opening match in Cape Town on February 9.

Sri Lanka's cricket board and players resolved a contract dispute over World Cup payments on Thursday, clearing the way for the team to take part in the showpiece event.

A final decision over a long-running sponsorship dispute involving India's top players is expected on Friday.