PCB asks owners to submit franchise fee for PSL 6 by November 10

The Pakistan Cricket Board (PCB) has asked the Pakistan Super League (PSL) franchises to submit the franchise fee for the next edition of the tournament by November 10. Meanwhile, the franchises had asked for more time as they are still recovering from the economic effects of Covid-19 on their businesses.

PSL franchises held a ‘positive and constructive meeting’ with PCB officials, to discuss the reservations over the tournament’s financial model. In the meeting, PCB presented the new proposed financial model to the owners and assured them that they would get 90 per cent share from commercial contracts.

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The board also offered the franchises a fixed dollar exchange rate of 155, which took them by surprise as they had requested the PCB to fix the exchange rate at 104.

According to sources, PCB officials kept reminding franchise owners about their limitations during the meeting. The board informed franchises about their recent meeting with the Public Accounts Committee and said that they can’t make much alterations in the agreement as that could lead to PCB officials being jailed in future through investigations by the National Accountability Bureau (NAB) and Federal Investigation Agency (FIA).

In reply, the owners said that they have invested money in the tournament and not the public, hence the Public Accounts Committee has no business being involved in the tournament’s finances.

Sources further added that franchises are not happy with the proposed financial model. On the other hand, the board has decided to take strict action if the franchises fail to submit the franchise fee by the due date.