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HBL PSL financial model becomes a 'bone in the throat' for PCB

PCB has taken the services of a retired Supreme Court judge inorder to assist them in the implementation of the new financial model

HBL PSL financial model becomes a 'bone in the throat' for PCB PHOTO COURTESY: PCB

The implementation of the new financial model of HBL Pakistan Super League (PSL) has become a ‘bone in the throat’ for Pakistan Cricket Board (PCB).

Last year in September, the franchises had filed a case against the PCB in the Lahore High Court (LHC) after suffering major losses, due to the current financial model, over the course of the last five years.

Later, in the proceedings before the Lahore High Court (LHC) an out-of-court settlement was agreed upon between the parties to deliberate and discuss the disagreements and other issues associated with the financial model of the PSL.

PCB has taken the services of a retired Supreme Court judge inorder to assist them in the implementation of the new financial model. The board has also signed a contract with EY Ford Rhodes, a business management consultant company, who will assess the financial records of franchises and submit their report. Those conclusions will be shared with the retired judge, who will advise PCB on the most viable course of action. If franchises agree with judge’s suggestions, the new financial model will be implemented. However, the implementation will not come without its challenges and franchises are aware of it.

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The judicial review is important inorder to ensure that there are no issues with the National Accountability Bureau (NAB) and Federal Investigation Agency (FIA), even if there is change of regime at the PCB or the government level.

According to sources, board officials have told franchises owners in the past that if they decrease their profits, they might come under the radar of NAB or FIA in future. However, there are very few examples in the past, where a change of regime in the government or PCB, have led to board officials facing legal inquiries or action. There have been different allegations on some former board officials, but nothing concrete came out of it. Only the ex-CEO of PCB, Subhan Ahmed, had to appear in courts for an extended period of time.

On the other hand, some individuals are considering legal options after emergence of media reports regarding the new financial model. According to them, they didn’t show interest in the bidding due to the current financial model. Now if the financial model is changed, it would be wrong with those stakeholders. When contacted, the PCB representative declined to comment on this matter.

The views expressed by the writer and the reader comments do not necessarily reflect the views and policies of Cricket Pakistan.