All longstanding matters with PSL franchises resolved: PCB

LAHORE: Longstanding issues between the Pakistan Cricket Board and the six franchises of the HBL Pakistan Super League (PSL) have been resolved, according to a press statement issued by the PCB on Monday.

“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,” a PCB press statement quoted chairman Ramiz Raja as saying.

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 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.”

Though the press release did not mention the solution of the issues on which both the parties agreed, it is learnt that the PCB had offered the franchises 95 per cent share from the total pool of PSL revenue, increasing it from 80 per cent, 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 learnt that the franchises were demanding a fixed rate of US dollar 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 deferment of the last two editions of the league due to Covid-19 pandemic.

Published in Dawn, October 12th, 2021