PSL Franchises Approach PCB For Relief Due To Financial Losses


PSL franchises approach PCB for relief due to financial losses

The sources say that majority of the franchises are reluctant to share details with PCB to establish their losses.  

LAHORE: (Urdu Point/Pakistan Point News-Jan 11th, 2020) Pakistan Super League franchises approached Pakistan cricket Board for Financial relief, saying that they suffered big losses, the sources said here on Saturday.

The sources said that the franchises, however, were reluctant to share their financial statements with Pakistan Cricket Board to prove their stance that they were really undergoing crisis. PCB considered their demands but felt that it was hard for it to evaluate the losses claimed by the franchises without being privy to the financial statements of the franchises.

HBL is the title sponsor of Pakistan Super League (PSL).

The sources said that Islamabad United and Peshawar Zalmi provided their management accounts post 2017 PSL edition with the PCB. But many others were there who could not share their statements with the board to establish their stance of losses.

Besides it, the franchises also requested not to apply the foreign exchange rate for payments due under the franchise agreement which gave some relaxation due to unforeseeable Currency depreciation. The board, the technically, agreed to set Rs.138.60 for one US Dollars as the minimum benchmark, which existed when the sixth franchise Multan Sultans was sold out.

The board, however, considered their demands that the franchises played a positive role in bringing back all the matches of the PSL to Pakistan. The sources said that PCB would seek opinion from an independent financial consultant as it was burden of over of Rs 5 to 6 million as a consultancy fee in this regard from which it would bear /7th of the total cost.

The franchises also demanded for in-stadia activation opportunities for their sponsors, which was a right that was not part of the original ITT on the basis of which the franchises were sold.

All 34 matches of Pakistan Cricket League (PSL) will be played in Pakistan instead of UAE in 2020—with expectation of more profit from this upcoming edition. PCB is also hopeful that PSL-2020 will be profitable as thousands of people will come to watch the match.

Fida Hussnain

Fida Hussnain is a lahore based journalist. He writes on politics, religion, social issues and climate change. He is also a research fellow at University of Gujrat.