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Majority among the Pakistan Super League (PSL) franchises are unwilling to share financial details with the Pakistan Cricket Board (PCB) because of differences in the dollar rate.
According to sources, franchise owners want the PCB to fix the dollar rate, for franchise fee, in the same way as they did for title-sponsoring company. For the inconclusive 5th edition, payments were made at a rate of 138 but it was decided that a financial firm’s services will be recruited to settle this matter in the future.
KPMG International Cooperative, which features three lines of services including financial audit, tax, and advisory, was put in place for the matter. Although, in spite of the culmination of the two-week deadline, franchises are yet to come forward and hand over their financial details.
The PCB is looking to fix the dollar rate at Rs.156 and the reluctance from the franchises could lead to payments being made on that rate. The remaining amount could also be reduced from the central income pool.
It is to be known that the 5th edition of PSL was postponed as a result of the novel coronavirus (Covid-19) pandemic. The tournament was called off just before the start of the knockout round, featuring the top 4 teams – Multan Sultans, Karachi Kings, Lahore Qalandars and Peshawar Zalmi.