PCB, franchises, and broadcasters to face massive financial damages

PCB, franchises, and broadcasters to face massive financial damages

The postponed, coronavirus marred Pakistan Super League (PSL) 2020 will reportedly have major financial repercussions for its six franchises and the Pakistan Cricket Board (PCB), which we’re hoping to turn a profit this year after year to losses.

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However, since the tournament had to be indefinitely suspended on the of the semi-finals, the tournament set to lose out on sizable revenues, which the publication did not say what it was. According to a report by Cricket Pakistan, the PSL stakeholders were expected sizable profits this year as the entire tournament was being staged in Pakistan for the first time.

Following advice from the Sindh and Punjab Government, the PCB had made the decision to Karachi and Lahore’s matches, from March 13 onwards, behind closed doors, which resulted in the loss of revenue generated from the gate money. Although, the league matches are insured the PCB cannot file an insurance claim, right now, PSL5 IS currently suspended and not called-off. Sources further revealed that the broadcasters of the event are also likely to bear significant losses in the regard.

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The franchises were hoping that this year’s profits will help ease the burden of losses, the suffered in the previous season, but unfortunately, that does not seem likely at the moment. The report says that PCB made an unauthorized and unlawful transfer of PSL funds of 145.148 million Pakistani rupees into third party bank account outside Pakistan. The PCB faced a loss of 13 million Pakistani rupees due to the non-auction of commercial broadcast rights.

Now, it remains to be seen as to when and where does the PCB reschedule the semi-finals and final of the PSL 2020. According to sources, the PCB could reschedule PSL 2020 after the T20 World Cup scheduled in Australia later this year.

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