HBL PSL franchises ‘refuse’ to deposit bank guarantee

Working committee failed to address franchises’ concerns

HBL PSL franchises ‘refuse’ to deposit bank guarantee PHOTO COURTESY: PSL

The Habib Bank Limited (HBL) Pakistan Super League (PSL) franchises have refused to deposit bank guarantee, for the fifth edition of the country’s premier T20 league.

According to details, the franchise owners have reservations on several issues but one of the major areas of concern is regarding the financial accounts of previous edition. Nearly six months have passed but the Pakistan Cricket Board (PCB) is yet to finalise the HBL PSL financial statements, which is why the franchises have decided against depositing bank guarantee.    

The franchises are also of the opinion the PCB should no longer obtain bank guarantee because the league is now stable enough to operate without such an obligation.

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According to the initial agreement, PSL franchises had to deposit the bank guarantee one year prior to the next edition. However in previous season, PCB had reduced the period to six months on the insistence of several franchises.

Earlier, the board had formed a working committee to address franchises’ reservations but no progress was made despite extensive discussions.