PSL News

PCB threatens PSL franchises to cash bank guarantee

The Pakistan Cricket Board (PCB) has threatened to cash bank guarantee if Pakistan Super League (PSL) franchises failed to deposit their annual fees by 2 PM on December 3.

The situation became tense suddenly on Wednesday when PCB’s Chief Financial Officer Badar Manzoor sent an email to all the franchises.

According to Daily Express, he used some threating words in the email and gave the deadline of December 3 to clear all dues or the board will cash their bank guarantees.

Interestingly, one franchise hasn’t even deposited its bank guarantee yet. The franchise has only deposited half of the actual amount.

Also Read:  PCB opens bids for rights to PSL’s sixth team

According to the procedure, the board has a legal right to cash the bank guarantee after issuing notice to the defaulter franchises — a procedure which the board adopted earlier as well.

Franchises are unhappy with this behavior of the board as they are currently negotiating with the government to get relaxation in taxes.

The board had issued the invoice on November 16 and asked all franchises to immediately clear their remaining dues.

During the meeting in Islamabad, a franchise owner had asked the PCB chairman Ehsan Mani to return their bank guarantee so they will be able to pay the annual fee.

Following that demand, others joined in over the same stance, a source from inside the board reported. However, the board refused to accept this demand.

Also Read: Ali Tareen revealed the name of PSL’s Sixth Team if he win the rights

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 sources, 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.

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.

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.

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.

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