Franchises still awaiting profit share from PSL 8

The eighth edition of the Pakistan Super League (PSL) has generated more than PKR 5 billion in revenue. The Pakistan Cricket Board (PCB) has a ‘5-95’ profit sharing formula with the franchises, which means PCB and the six franchises will receive a 5% and 95% share, respectively. 

According to the details available with Cricket Pakistan representative, the total revenue from the event amounted to Rs5.62 billion. PCB’s share from this figure is Rs582,534,480, while the total franchises share is Rs5,046,776,989.

When divided among the six franchises participating in the PSL, each team is entitled to a share of approximately Rs841,129,498. However, this amount will be subject to deductions for expenses, which could range from 40 to 55 percent.

According to the agreement, the franchisees are responsible for paying 95% of the TV production amount. It was agreed that 50% of the profit should have been paid by July 5, but no update has been provided to the franchises thus far. 

In May, 40% of the amount was already due, and the PCB sent the calculation to the franchises. However, there were disagreements on various matters. The remaining 10% payment is scheduled to be made by December 10.

According to sources, a meeting on Thursday involving the Chief Financial Officers (CFOs) of the franchises has been called. It is anticipated that some progress will be made during the meeting. The franchisees are not satisfied with the league's current affairs. 

The owners are keen on having a discussion with PCB management committee chariman, Zaka Ashraf, who is currently in South Africa attending ICC meetings, and they plan to hold the meeting once he returns home.

It is worth noting that Lahore Qalandars emerged victorious in the eighth edition of the Pakistan Super League, claiming the trophy for the second time after defeating Multan Sultans by just one run.