PSL News

Pakistan Cricket Board gave ‘Final Warning’ to PSL Franchises

The Pakistan Super League (PSL) franchises have reportedly not cleared their dues despite the issuance of invoice by the Pakistan Cricket Board (PCB).

According to Daily Express, franchises are demanding for the exemptions of taxes from the fees, which the board is not willing to accept.

Currently, franchises are paying 26% amount in taxes, where 16% of the amount goes to Punjab Government in shape of sales tax while the federal government takes remaining 10% in the form of withholding tax.

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Now the franchises are demanding to give relaxation on taxes till they overcome their financial loses and in this regard and have also formed a two-member committee, which include Karachi Kings owner Salman Iqbal and Peshawar Zalmi owner Javed Afridi, who will meet the government officials in the coming days in order to get exemption from taxes.

While according to reports, The board has issued a deadline of November 14 for the submission of the annual fee. However, not a single franchise followed it up.

The report further stated that till date, only four franchises had deposited their bank guarantee while one franchise has deposited the half amount and asked the board that they will pay the players and the coaches on their own.

The board responded against it and asked the franchise to follow the procedure.

A source inside the board also revealed that a franchise has asked the board to return their bank guarantee, and has offered to deposit the complete fee in return, however, the PCB haven’t accepted that offer as well.

PCB has an option to cash the bank guarantee if a franchise fail to deposit their fee by the end the deadline and in past it has been done as well.

Earlier, Pakistan Cricket Board (PCB) has declined Pakistan Super League (PSL) franchises’ demand to increase their share in the revenue.

Pakistan Super League (PSL) franchises were not pleased with Pakistan Cricket Board (PCB) over the ‘unjust’ share of revenue.

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Franchise owners raised their concerns with the board in the governing council’s meeting in Islamabad on Wednesday, November 21.

The meeting was chaired by the Pakistan Cricket Board’s chief Ehsan Mani who saw an intense exchange of verbal spat between the officials of the board and Pakistan Super League (PSL) franchises owners.

In the meeting, the (PSL) franchises owners kept telling that, “Franchises don’t have any other substantial source of income so they rely heavily on the revenue from sponsorship and broadcasting deals.”

The owners kept repeating the mantra that they were facing losses due to limited share in the sponsorship deal and demanded an increase in revenue share.

According to some reports, a few PSL team owners have also threatened to quit the league if their demands were not met.

The board signed a $14.3 million sponsorship deal with HBL for the next three seasons of PSL. This is worth three times more than the original agreement signed ahead of the inaugural edition of the glittering tournament; in 2016 this amount was $5.2 million.

PCB has kept 50 percent of the sponsorship and broadcasting deal, and the other half of it was to be equally distributed among six franchises.

Via: Cricket Pakistan / Daily Express

3 Comments

3 Comments

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