LAHORE – Pakistan Cricket Board announced that the six Pakistan Super League (PSL) franchises have accepted the offer of the new financial model for the upcoming tournament.
The PCB had presented a final offer of a new model at PSL governing council meeting last month, which included giving the PSL franchises a greater share of the central revenue pool, Covid-19 relief for PSL 5 and 6, as well as fixing a USD dollar-Pakistan rupee exchange rate for all future payments.
PCB Chairman Mr Ramiz Raja welcomed the resolution: “The longstanding matters between the PCB and the franchises were causing distraction and affecting the reputation of the brand. I am delighted that all matters have finally been resolved, which is a big step forward in building stronger relationship with the franchise owners as we look forward to working with them to take the HBL PSL to greater and unprecedented heights.”
The franchise owners, in a joint statement, said: “HBL PSL is very close to our hearts. Since 2016, we all have worked very hard to bring it to where it is today. The acceptance of the PCB offer is an indication of our commitment and resolve to making the HBL PSL a bigger and better league that is participated by the best players, commercially supported by the elite companies and watched live by the passionate cricket fans in Pakistan as well as globally.”
As per the new model, all franchises will receive 95% of revenue generated from all revenue streams including broadcasting rights, sponsorship rights and gate receipts from the seventh edition of PSL.
For PSL 5 and 6, the cricket body will share 98% of the central pool revenue in order to provide financial relief to the franchises.