Tuesday Oct 12, 2021
ISLAMABAD: The Pakistan Cricket Board (PCB) and the six Pakistan Super League (PSL) franchises have agreed on a new financial model for the league.
Under the new financial model, the PSL franchises will be entitled to 95% of the profit share from the central revenue pool of PSL7, while they will get a 98% share of the profit from PSL5 and PSL6 because of COVID-19.
However, the franchises are required to pay an additional 25% to retain the rights from the 11th edition of the PSL. The PSL franchises wanted the clause to be removed, but the PCB refused the request.
As per the agreement between the PCB and the PSL, the dollar rate has been fixed at today's rate of Rs171.
In a declaration, the PCB confirmed that all the franchises of the PSL have accepted the board’s offer presented in the governing council meeting held last month.
A day earlier, the PCB had announced that the six PSL franchises had accepted the offer for a new financial model, which was presented to them during last month’s Governing Council meeting in Lahore.
Some of the salient terms of the offer, which the six franchises had accepted, include a COVID-19 relief for PSL 5 and 6, an upward revision of the Central Pool of Revenue in favour of the franchises for PSL 7 to PSL 20, and locking of the dollar rate with prospective effect.
PCB Chairman Ramiz Raja had welcomed the resolution and said that longstanding matters between the PCB and the franchises were causing distraction and affecting the reputation of the brand.
"I am delighted that all matters have finally been resolved, which is a big step forward in building a stronger relationship with the franchise owners as we look forward to working with them to take the PSL to greater and unprecedented heights," he had said.
The franchise owners, in a joint statement, had said: “PSL is very close to our hearts. Since 2016, we all have worked very hard to bring it to where it is today. The acceptance of the PCB offer is an indication of our commitment and resolve to making the PSL a bigger and better league that is participated by the best players, commercially supported by the elite companies, and watched live by the passionate cricket fans in Pakistan as well as globally.”