Pakistan Super League (PSL) franchises have been given a 48-hour ultimatum by the Pakistan Cricket Board (PCB) to fulfill all their financial obligations.

The franchises had put forward a number of demands in an email to the board with a united front. Their demands included an increase in the amount of PSL revenue shared as well as the completion of the accounts for the fourth edition of the league.

All franchises had submitted cheques for the next edition of the PSL which can be cashed on November 20. The franchises also demanded in the email to stop this process, until their concerns are addressed by the board.

According to sources, PCB was not pleased with franchises demands and gave a rather harsh reply to the email. The reply came from PSL Head of Player Acquistion and Management Imran Ahmed Khan, who made it clear to the franchises that the board has already accepted a range of their demands.

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According to PCB’s reply, the board agreed to set the dollar-rate at PKR 138, accepted post-dated cheques instead of a bank guarantee, reduced taxes and raised the amount of revenue shared after addressing franchise owners reservations.

The email ended with a warning to PSL franchises that if they do not adhere to the signed agreement, then all the aforementioned privileges will be revoked by the board.

Source further added that the latest rift can have serious consequences on the future of the league.