PSL 2021 – PSL Franchises Revenue Shares: The long standing issue between Pakistan Cricket Board (PCB) & Pakistan Super League (PSL) franchise owners has been sorted as PCB bowed down to most of the demands of PSL franchises. According to the new financial model agreed by the PCB and the six PSL franchises, 95% of the share from the central revenue pool of the league will be distributed among them. It is worth noting that BCCI distributes only 60% of the revenue shares among its franchises.
PCB announced that all the six franchises have accepted the offer which was presented to them during the Governing Council meeting in Lahore.
Some of the salient terms of the offer, which the six franchises have accepted, include:
Covid-19 relief for HBL PSL 5 and 6
Upward revision of Central Pool of Revenue in favour of the franchises for HBL PSL 7–20
Locking of Dollar rate with prospective effect
PSL 2021: Pakistan Cricket Board bows down to franchise demands, will share 95% central pool revenues with PSL teams
Under the financial model, the Pakistan Super League (PSL) franchises will get 95% of the profit share from the central revenue pool of PSL7, while they will get a 98% share of the profit from PSL5 and PSL6 because of COVID-19. However, the franchises are required to pay an additional 25% to retain the rights from the 11th edition of the PSL. The PSL franchises wanted the clause to be removed, but the PCB refused the request.
As per the agreement between the PCB and the PSL, the dollar rate has been fixed at today’s rate of Rs171. In a declaration, the PCB confirmed that all the franchises of the PSL have accepted the board’s offer presented in the governing council meeting held last month.
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 Pakistan Super League (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.”.
Fees to players will now be paid in advance
In its new, final offer, the PCB has revised the franchise fee payment schedule and done away with the practice of paying player fees themselves and adjusting that amount from when they pay out from the central pool revenue.
In this new model, the board is asking franchises to pay 50% of player fees in advance. The condition of putting forth a bank guarantee against the franchise fee has also been removed.
PSL 2021 – PSL Franchises Revenue Shares: The new payment structure will see franchises deposit 50% of the franchise fee two months before the start of the PSL, a further 25% one day before the start first match and the remaining 25% the day before the final match. If a franchise fails to keep to this schedule, a bank guarantee three months in advance will be reinstated for that particular franchise.
PCB has also promised to the franchises that no new teams will be taken in the PSL fold til PSL 10th.
