Franchise participated in the fourth edition of HBL PSL without depositing full amount
The Habib Bank Limited (HBL) Pakistan Super League (PSL)’s franchise Multan Sultans’ owner Ali Tareen has clarified stance on the issue regarding team’s annual franchise fee.
According to details, Tareen said that the team was bought close to the start of HBL PSL4, which is why the Pakistan Cricket Board (PCB) asked them to pay a portion of the franchise fee upfront and the remainder after the tournament. He added that the franchise had already given cheques for the remaining amount to the PCB.
Regarding article stating MS yet to pay franchise fee: As the team was bought so close to the start of PSL, PCB asked us to pay a portion upfront & the remainder after the tournament. We have already given cheques for the remaining amount to the PCB. 👍🏼— Ali Khan Tareen (@aliktareen) July 31, 2019
It was earlier reported that the Sultans participated in the fourth edition of the event without depositing the mandatory franchise fee.
PCB had terminated the franchise agreement of the Multan Sultans franchise, previously, before the beginning of the fourth season. The termination was brought about due to the franchisee’s inability to meet its financial obligations under the Agreement.
In the new bidding process, that followed, the PCB had set the reserve price at $5.21 million per annum for a period of seven years. This reserve price had been exceeded by the Ali Tareen-led group. The new owners also decided to continue with the same name for the franchise, that is Multan Sultans.