The Pakistan Cricket Board (PCB) has renewed its deal with Habib Bank Limited (HBL) as the title sponsor for the Pakistan Super League (PSL).

According to sources, the deal will run for a period of four years with its value increasing by 55 percent.

It must be noted that the initial deal between the two parties, in 2016, was $5.2 million and was later increased to $14.3 million in 2018.

Despite not having the services of a commercial director, the PCB was successfully able to clinch a deal under Chairman Ramiz Raja’s leadership.

PCB Chairman Ramiz Raja: “I am delighted that the HBL have further strengthened their bond and relationship with the Pakistan Cricket Board by committing to support the Pakistan Super League for another four years. The reality is that HBL, in fact, have been investing in the future stars of Pakistan cricket through PSL for which we are eternally grateful.

 “Their decision to continue the partnership is also validation and endorsement of the brand and product the HBL PSL has become, thanks to the untiring efforts of the Pakistan Cricket Board staff and our valued franchises. Both the PCB and franchises, with the patronage of HBL, have worked tirelessly to make the league glamorous, entertaining and exciting for the fans as well as the shortest format specialists who are keen to feature in it.”

PCB, franchises meeting  

The top PCB officials and all six franchise owners also met in a virtual meeting, on Wednesday, to discuss the issues surrounding the financial model and players’ salary cap.

The dollar exchange rate has been fixed at 172 as compared to the initial value of 110 for the franchise fee in order to ease the burden on teams.

The new title sponsorship deal is also a breath air for the franchises as they will receive more income, due to 95 percent share of commercial contracts in the new financial model.       

The franchises also reiterated their request for a reduction in the salary cap for PSL 7, during the meeting. However, they are willing to meet higher salary demands if PCB is able to attract top players for the league.  

For the next edition of the PSL, the PCB has set the salary cap at $1.2 million as opposed to the last edition's $0.95 million.