PSL News

We’ll be careful when it comes to trusting the PCB, said PSL Franchise owner

An already at-times tense relationship between the PCB and the Pakistan Super League (PSL) franchises has grown a little worse, with the Pakistan board erroneously revealing franchises’ financial details to each other.

The Pakistan Cricket Board (PCB) has allegedly leaked financial statements of Pakistan Super League (PSL) franchises.

According to Daily Express, last month franchises demanded an increase their share from broadcasting rights in order to cover their financial loses. In a meeting the board had asked franchises to share their financial statements before taking a decision on their request.

After a few days, the franchises agreed to submit their financial statements — sources from inside the board reported.

But a dramatic development was made when board sent an email to all owners with their confidential financial statements attached in it.

A team owner said, “We cannot do anything at this stage, but we will be careful next time when it comes to trusting the PCB.”

The board initially defended this blunder by stating that it was a measure to ensure transparency. It added that the board’s account details are also mentioned on the official website.

PCB’s chief operating officer Subhan Ahmed shared the document with the franchises too. The document included all the amounts spent on running the team and marketing, among other things.

Later the PCB apologised for this mistake after protest from all franchises.

It was an embarrassing enough slip-up for the PCB chairman Ehsan Mani to issue an apology to the franchises on behalf of the board.

It is still not clear why the board took this step. The PCB can only share these financial statements if the government or any other federal agency demands it.

*All the franchises and the PCB have agreed on taking the legal route to gain tax exemptions. Salman Iqbal, the Karachi Kings owner, took the lead and filed an affadavit to launch a petition in court, aiming for the grant of a stay order against the government taxes.

Tax exemptions from the government, though, are unlikely to be okayed this season. The Najam Sethi-led PCB had also tried to get tax benefits for the PSL but failed.

Earlier, The Pakistan Super League (PSL) franchises have declared a war against PCB as they have formed an unofficial alliance in order to safeguard their interests.

According to Daily Express, the franchises — except for one — have signed a Power of Attorney (POA) document which gives one unnamed franchise owner the right to take decisions on their behalf — including legal action.

The franchise may differ on PSL’s revenue-sharing model but — in order to ensure their common interests remain safe — they have decided to collude.

The report further stated that all the franchises met after Pakistan Cricket Board (PCB)’s Governing Council meeting in Islamabad — few days back — where this decision regarding POA was taken.

The franchises are also concerned about taxes — paid to Federal and Punjab Government — and are pondering over the option of going to court over this matter.

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  1. Pingback: Sponsorship deals save Karachi Kings from a big financial loss – Green Team

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