PCB tightens grip on HBL PSL stakeholders

Clear your dues or face termination of contracts" the Pakistan Cricket Board has launched a recovery campaign against defaulters. Notices have been issued to all concerned parties, directing them to make payments within the stipulated deadline.

According to details, the 11th edition of the PSL has now concluded, and the PCB had already begun its recovery drive during the tournament. Sources revealed that billions of rupees are currently outstanding from various stakeholders. After repeated reminders failed, officials adopted a stricter stance.

Recently, notices were sent to several entities, including early PSL franchises, clearly stating that contracts would be terminated if payments were not made by April 29. Following this, several franchises cleared their full dues.

When officials were questioned about the unpaid PKR 400 million owed to each franchise, they responded that payment of franchise fees is mandatory under the agreement. They added:

"How can we pay you until we receive payments from other stakeholders?"

In the past, the practice was that after partial payment of fees, the remaining amount would be adjusted from the central revenue pool. However, a different approach has been adopted this time.

For the 10th PSL edition, each franchise was supposed to receive PKR 975 million (97.5 crore) as its share. However, a key stakeholder owes the PCB PKR 4.7 billion, a major portion of which is related to the PSL. This stakeholder has been avoiding payment, citing financial losses, preventing the finalization of accounts.

Due to this issue, the PCB did not allow two TV channels to participate in bidding for the current edition's media rights. However, surprisingly, the new company that acquired the broadcasting rights permitted those same channels to air the matches.

Learning from past experience, the PCB has now secured a bank guarantee from the new media rights holder, which can be cashed in case of non-payment.