The Zaka Ashraf led Pakistan Cricket Board (PCB) are under fire after PSL franchises called for an emergency meeting. While PCB boastfully claimed that it generated 5 billion PKR (Rs 147 crore) in revenue, the PSL franchises are yet to receive their share. It comes at a time when PCB have constantly pushed for PSL to be better than rival IPL, while battling with BCCI on multiple fronts.
The PCB and PSL franchises have a ‘5-95’ profit-sharing mechanism with the franchises. The Pakistan cricket board and the six franchises will each earn a 5% and 95% share, respectively.
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The event brought in a total of PKR 5.62 billion (Rs 166 crore approx), according to information provided by a spokesperson of Cricket Pakistan. The overall franchises’ share is PKR 5,046,776,989 (Rs 149 crore approx), while PCB’s portion is PKR 582,534,480 ( Rs 17 crore approx). The franchisees are required to cover 95% of the cost of the TV production, per the agreement. It was agreed that 50% of the profit should have been paid by July 5; however, the franchises have not yet received a status report.
40% of the total was already past due as of May, and the PCB forwarded the computation to the teams. On numerous issues, there were, however, differences of opinion. By December 10, the remaining 10% payment must be made. Sources claim that a meeting with the franchises’ chief financial officers (CFOs) has been scheduled for Thursday. It is hoped that the conference will result in some progress. Franchise owners are dissatisfied with how the league is currently operating.
The owners want to talk with Zaka Ashraf, the chairman of the PCB management committee, but he is now in South Africa for ICC meetings. They intend to meet with him after he gets back home.
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