PSL franchises in limbo over revenue distribution delay

PSL franchises are eagerly awaiting their share of revenue from the Pakistan Cricket Board (PCB), a matter that has prompted them to formally remind the board through a joint letter. 

According to the details, PSL franchises were entitled to receive 45% of the revenue from the central income pool by May 5th, which covers player fees and operational expenses. An additional 10% is typically withheld pending audit adjustments. The franchisees expect to receive the remaining 45% of the amount by July 5th.

However, none of the franchises have received their payments from the PCB as of yet. When pressed for clarification, PCB officials cited pending dues from certain stakeholders as the reason for the delay, asserting that once these outstanding payments are settled, franchise accounts can be finalized.

The PCB itself is owed a substantial amount of Rs 3,155,499,829 from various stakeholders, with the largest sum of Rs 1,256,622,048 owed by a major entity. 

Another company needs to settle a payment of 74 crore 16 thousand 695 rupees. The company slated to receive the funds will pay a significant sum to the board itself, allowing for the necessary adjustment.

Various stakeholders are set to pay amounts totalling 492,041,975 rupees, 184,837,822 rupees, 147,165,049 rupees, 41,503,740 rupees, and 293,312,500 rupees.

Once these payments are made, each franchise's share will be 52 crore 59 lakh 16 thousand 638 rupees.

Franchises recently sent a joint letter requesting early payment of dues, exemption from late payment penalties, information on the tenth edition's schedule, updates on matches in the UK, and a list of foreign cricketers available after discussions with other boards.

The franchise is expected to receive a response only after the Muharram holidays. However, currently, it appears that the PSL is not a top priority for officials.