PSL franchise owners to hold important meeting today, decide collectively on PCB's new financial model
LAHORE: The Pakistan Super League (PSL) franchise owners are unhappy with the PCB's "take it or leave it" offer for them, and will convene an important meeting today to take a collective decision on the new financial model proposed by the board.
A report in The News quoted a source close to one of the franchise owners who said that the PCB's "take it or leave it" financial package offer had caused offense to them.
"Take it or leave it — is something that is an offensive option. That option was given to us by the new PCB management. Not all our concerns have been addressed in the document we received. Though we were expecting a better deal following Monday’s meeting, we did not get the same paper in black and white," revealed the source.
The source said the PSL franchise owners were expecting their issues to be resolved in their meeting with Ramiz Raja. "That did not turn out to be the case. Now we have to discuss the entire package in a meeting before coming out with a collective stance," he added.
The bone of contention for the franchise owners and the board, as per the source, is the annual fee collected by the PCB. The PCB wants the fee deposited by the franchise owners in advance for the seventh league to function smoothly.
The Multan Sultans reportedly owe the largest annual fee amount to the PCB— $6.5 million followed by the Karachi Kings, who owe the board $2.6 million, while the Lahore Qalandars have to pay $2.5 million dollars.
Islamabad United and Peshawar Zalmi have to pay $1.5 million each while the Quetta Gladiators have to cough up $1.1 million, the lowest amount.
Every franchise has a different amount of money to pay to the board but when it comes to profit-sharing, they all have the same share. The franchise owners are reportedly not happy with this aspect of the financial model.
The source said that five franchises signed contracts when the PSL was a "baby" but had now grown into a huge sports event in Pakistan.
"I am talking about the five franchises which signed the initial contracts. At that time the PSL was just a baby. We took a risk, invested a heavy amount and yet are getting equal profits. This issue has to be addressed,” one of the owners, when contacted, said.
He added that the PSL required a solid base which is missing. "It is no longer a baby hence solid and practical rules are required to give it a professional look."
"The PCB has done the best it could do but when it comes to contractual issues, the PCB's hands are tight," a source within the PCB, when contacted, said.
He was tight-lipped as to what would happen in case these franchises refuse to accept the new package.