LAHORE: Finally, the franchises of the HBL Pakistan Super League (PSL) have succeeded in convincing the Pakistan Cricket Board (PCB) about their financial losses to get considerable relief from the seventh edition of the competition to be held in January 2022.
“Taking into mind the legal and contractual framework, the PCB has provided franchisees with a new financial model with the express goal of assisting and addressing their issues. The PCB expects franchisees to embrace this offer so that they may focus on building the HBL PSL brand, according to a press statement released following a meeting between PCB chairman Ramiz Raja and franchise owners on Monday.
The PCB has provided the following to the six franchisees as part of its commitment and resolve to aid and support them so that they may continue to play an important role in the growth of cricket in Pakistan: The news statement ended, “Covid-19 alleviation for HBL PSL 5 and 6; increased share from the Central Pool of Revenue (CPR) for HBL PSL 7 to 20, fixation of Dollar rate.”
It is said that the CPR provided to franchises has increased to 90% or more of overall income, up from 80% previously.
Furthermore, the primary concern is the fixing of the US dollar, which has skyrocketed in the previous three years, rising from Rs100 to Rs170 per US dollar. The pricing was set at 136 per US$ for the following 14 editions after a discussion.
Furthermore, because the Covid-19 caused the past two editions of the PSL (5 and 6) to be postponed, it caused complications for the franchises in dealing with the compensation concerns of its international players. Now, in addition to covering the extra costs of the previous edition, which had to be relocated from Pakistan to the UAE midway owing to the discovery of Covid-19 cases in Karachi in March 2021, the PCB would also assist the franchises in this respect.
It may be mentioned here that the franchises claim that they are facing financial losses but the PCB is earning profits, according to the existing financial model, which the former signed in 2015 for a period of ten years.