LAHORE: No debate were held over the long standing demand of Pakistan Super League (PSL)’s franchises to recheck the financial model of the franchise-based T20 competition when PCB chief Ramiz Raja had a quick prelimintary meeting with the owners of Franchise.
Although detailed discussions are scheduled for Monday, Friday’s meeting was physically attended by representatives from Multan Sultans and Lahore Qalandars, while the remaining four were present through video link.
The PSL has been making headlines for wrong reasons over the past four years and therefore the burning topic is that the financial health of the franchises, who are demanding a much bigger chunk than the 80 percent from the revenues generated, with the remainder getting to the PCB coffers.
Another lingering issue is that the devaluation of the Pakistani rupee over the past three years.
The franchises area unit asking the PCB to repair a US greenback value in native currency to offset the losses since the franchises ought to pay their foreign players in bucks.
These demands were initial place up throughout the tenure of Najam Sethi, the PCB chairman WHO launched the league in 2016. however neither Sethi nor his successor Ehsan Mani paid any heed. The franchises enraptured the city supreme court against a PCB call to pay annual fees by Sept twenty five, 2020, while not clearing the money dues of the league’s 2019 edition.
Later however, both parties pledged to unravel their issues out of the court.
But these issues are devalue the PSL’s immediate future. PCB are in position after having signed a 10-year agreement with the franchises before the beginning of PSL’ inaugural edition.
According to that agreement, just in case any franchise doesn’t want to continue, the PCB will auction that franchise on their own and take all the cash without offering any share to the first team owners. So if any franchise wants to quit PSL it’ll get nothing from the goodwill amount of the franchise as all benefits will attend the PCB from the new buyer.
The franchises have the claim that they were losing 15 to 18 million dollars for each edition and in these circumstances it’s impossible for them to manage their affairs.
But PCB’s stand is that since because the franchises have signed the long-lasted agreement, they need to abide by it.
However, during his presser earlier in the week , Ramiz said he would request the franchises to extend remuneration of foreign players to draw in top names of world cricket. These measure, in turn, are going to be helpful to encourage other nations to tour Pakistan any security fears.
The franchises, at now in time, are refraining from spending more under the prevailing financial model than past edition.
It is pertinent to say here that Multan Sultans are the most important participent after having paid $6.5 million once they joined the PSL family because the sixth franchise in 2018. In contrast, Karachi Kings were priced at $2.6million, Lahore Qalandars $2.5 million, Islamabad United and Peshawar Zalmi $1.5 million each and Quetta Gladiators $1.1 million in PSL.
Meanwhile in short media which was about PSL release after Friday’s meeting, the PCB said: “Ramiz Raja highlighted and appreciated the franchisees’ contribution within the growth, development and promotion of Pakistan cricket, and guaranteed the team owners that he remained committed to increase and strengthening the HBL PSL brand.
“The chairman guarantee the owners that he understood the challenges they faced and promised to handle with them inshallah.”
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