According to reports, 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.
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.
Mani patiently listened to their concerns and assured to review the situation. The situation in the meeting became tensed when the franchise owners boycotted the meeting and were about to leave the room when Ehsan Mani intervened to cool down the situation.
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.
The franchise owners, however, wanted more cut from the sponsorship and broadcasting deals as they had no other major source of income and were unhappy with board getting the 50 percent share.
PCB is expected to generate $75 million in the broadcasting right deal, out of 85% will be distributed among the franchises. The broadcasting rights tender will reportedly open next week.
Moreover, the franchises also want a change in the mode of payment to rupees due to constant fluctuations in dollar price. They are currently paying fees to the PCB in dollars as per their contracts but due to rise in value of the currency, they have to pay extra amount.
The meeting ended inconclusively with an affirmation from Ehsan Mani to heed their demands.
The board has also asked the franchises to submit their audit reports so that they could estimate the potential losses incurred by the PSL teams. The board officials believe that not all but some franchises are in loss while some of them had a profit from the first edition.
However, the franchises owners refused to present their audit reports. The franchises also had an issue with the PCB chairman for bringing bank guarantee issue on the media. They have asked Mani to avoid bringing matters to the public.
Via: Daily Express