PSL franchises submit fee to settle dispute with PCB

ISLAMABAD: The old dispute between the Pakistan Cricket Board (PCB) and six franchises of the Pakistan Super League (PSL) has been settled amicably as all the franchises have submitted their pending annual fee with a promise from the PCB to have a more logical and workable financial model between the two major stakeholders from the next year onward.

‘The News’ has learnt from well-placed sources that on the final day of the three-week deadline, all the franchises have submitted the annual fee.

“Yes, we have submitted the annual fee with the PCB with a hope to have more logical and workable financial package from the next year onward. We have been promised by the PCB that a new financial model will be in place from the next year and this could be a much longer duration,” a franchise owner said.

According to the details available with ‘The News’, Multan Sultans owed the biggest amount $6.5 million followed by Karachi Kings $2.6 million, Lahore Qalandars $2.5 million, Islamabad United and Peshawar $1.5 million each while Quetta Gladiators $1.1 million.

A well-placed source in the PCB has told ‘The News’ that following reluctance shown by the PSL franchises to submit annual fee, both parties had in detailed meeting a few days back and agreed to renew financial package. All the PSL franchise owners barring Ali Naqvi (Islamabad United) and Nadeem Umar (Quetta Gladiator) participated in a meeting with PCB chairman Ehsan Mani.

“We believe that a new financial package offered by the PCB is a good one and is aimed at settling the dispute. We have agreed on this package which will be a sort of pact spreading over the next fifty years. In a broader sense, I think it is a win-win situation for both as the franchises will have a less share of the profit, with the PCB promising to wave off the annual fee,” a franchise owner told ‘The News’ on the condition of anonymity.

He added that though the deal is yet to be inked, the financial package that was offered by the PCB in a meeting was a sane one. “We have agreed to a new package offered by the PCB during the meeting.”