Pakistan Cricket Board has resolved its longstanding issues with the six franchises of HBL Pakistan Super League, PCB stated without mentioning the exact solution of the issues on which both parties have agreed.
On Monday, PCB’s press release quoted Ramiz Raja saying, “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 relationships with the franchise owners as we look forward to working with them to take the HBL PSL to greater and unprecedented heights.”
In a joint statement, the franchise owners 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 make 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 passionate cricket fans in Pakistan as well as globally.”
The board-franchises impasse has been on since 2018, with franchises arguing that the model, as it was, has prevented profitability for them. The league is now six seasons old, but four out of the six franchises are yet to break even on their investments. Franchises have long felt the current model is skewed in that, while the PCB has made money off the league as the sole beneficiary, the franchises as stakeholders have not made similar headway.
Though the press release did not mention the solution of the issues on which both the parties agreed, it is learned that the PCB had offered the franchises 95 percent share from the total pool of PSL revenue, increasing it from 80 percent, which had existed from day one.
Moreover, the high flight of the prices of US dollar in the country is another problem for the franchises in making their annual budget as they have to hire the services of foreign players in US dollars. It is learned that the franchises were demanding a fixed rate of US dollars at around PKR 136.00. But sources told Dawn that it had been decided that the rate of Oct 11, 2021, would be fixed.
The franchises have also promised that they will clear all their dues of the previous and next PSL edition. The next edition is being held in January 2022.
Moreover, the PCB has also extended the rights of the franchises of their teams till the 20th edition of the league, increasing it from 10th.
The PCB has also agreed to compensate the franchises in losses they have suffered due to the postponement of the last two editions of the league due to the Covid-19 pandemic.
Commenting over the development, the PCB chairman stated that the longstanding matters between the PCB and the franchises were causing distraction and affecting the reputation of the brand.