The Pakistan Cricket Board has announced that the six HBL Pakistan Super League (PSL) franchises have accepted the offer, regarding the new financial model, which was presented to them during last month’s governing council meeting in Lahore.

Key elements of the proposed financial model:

• Franchises will get 95 per cent share, after excluding expenses, from the central pool of revenue
• The dollar rate, at the time when the model is approved, will be fixed for franchise fee
• Franchises won’t be given permanent rights (10-year agreement will remain intact)
• Independent valuation of franchises will be carried out after four years. The estimated value will be used to increase franchise fee by 25 per cent
• Covid-19 relief for HBL PSL 5 and 6 (98 per cent of share from central pool of revenue) 
• No more franchises till HBL PSL 10

PCB Chairman Ramiz Raja welcomed the resolution: “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 stronger relationship with the franchise owners as we look forward to working with them to take the HBL PSL to greater and unprecedented heights.”

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The franchise owners, in a joint statement, said: “HBL PSL is very close to our hearts. 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 HBL 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.”