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PSL franchises accept PCB’s new financial model

PCB had offered a new financial model franchises in September. (Source: Geo)

LAHORE: Pakistan Cricket Board (PCB) on Monday announced that the six Pakistan Super League (PSL) franchises have accepted the offer for a new financial model, which was presented to them during last month’s Governing Council meeting.

According to a statement, PCB Chairman Ramiz Raja welcomed the resolution and said that the longstanding matters between the PCB and the franchises were causing distraction and affecting the reputation of the brand.

“I am delighted that all matters have finally been resolved, which is a big step forward in building a stronger relationship with the franchise owners as we look forward to working with them to take the PSL to greater and unprecedented heights,” he said.

Some of the salient terms of the offer, which the six franchises have accepted, include a COVID-19 relief for PSL 5 and 6, an upward revision of the Central Pool of Revenue in favour of the franchises for PSL 7 to PSL 20, and locking of the dollar rate with prospective effect.

In a joint statement, the franchise owners said, “Since 2016, we all have worked very hard to bring it to where it is today. The acceptance of the PCB offer is an indication of our commitment and resolve to making the PSL a bigger and better league that is participated by the best players, commercially supported by the elite companies, and watched live by the passionate cricket fans in Pakistan as well as globally.”

It should be recalled that the PCB had offered a new financial model to the PSL franchises in September this year as it sought to address their reservations.

Following the decision, Raja had said, “Taking into account the legal and contractual framework, the PCB has offered a new financial model to the franchises with the sole purpose of supporting and resolving their concerns.”