PSL News

Cheque given by a PSL franchise to PCB bounced

A cheque issued by a Pakistan Super League (PSL) franchise to the Pakistan Cricket Board (PCB) has bounced, it has been revealed.

According to Daily Express, during a Governing Council meeting convened in Lahore, a few days ago, PCB had revealed about a cheque being returned which was issued by a PSL franchise.

The board also said that it reserves the right to take legal action against the offence.

All franchises representatives requested the board from any proceedings since the step would bring a bad name to the league.

It must be noted that three to ten years punishment is levied on such an offence.

According to a source, the PCB has informed the franchises representatives that the name of the team would not be disclosed however, all the franchises must pay the dues at earliest.

Also only one franchise has paid 50% of the players fee while others await reliefs in taxes despite the fact that the government has not shown a positive response regarding the matter.

At least three franchises owe a fraction of the fee to the board. One franchise has submitted a bank guarantee; hence the authorities do not fear bank’s bankruptcy but the two others have deposited postdated cheques.

The law requires the franchises to pay half-fees to the board after a draft.

Earlier, Pakistan Cricket Board (PCB) and Pakistan Super League (PSL) franchises have finally decided the financial model for revenue sharing following their successful meeting in Lahore on Monday.

According to Daily Express, franchises representatives seem satisfied following an assurance from the board that the production cost of the tournament will remain the same as PCB will bare all expenses of PSL matches that are scheduled to be played in Pakistan.

The owners and PCB officials were happy after the board managed to secure a $36 million broadcasting rights deal for the period of three years.

PHOTO COURTESY: Twitter/@PSL

But the situation between PCB and franchises became tense after the board revealed that the production expenses have increased up to $5.1 million, mainly due to addition in venues for the event.

It must be noted here that franchises mostly rely on the income they receive from the broadcasting deal — which is 85%. However, they also have to bear the production cost of the tournament.

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