PCB to lose USD 85 million if it fails to host India
The Pakistan Cricket Board (PCB) will lose revenues worth approximately USD 85 million from its long-term broadcasting deal if it fails to host India for a full series over the next three to four years
Karachi: The Pakistan Cricket Board (PCB) will lose revenues worth approximately USD 85 million from its long-term broadcasting deal if it fails to host India for a full series over the next three to four years.
A PCB official confirmed to PTI that the board was already looking at a estimated loss of around USD 70 million if India didn't play the planned series in the UAE in December. "The situation is such that if during the duration of the four-year broadcasting deal which is worth USD 145 million if we don't host India at all than we lose nearly 65 per cent of the total amount which comes to around USD 85 million," the official said.
He said apart from this major loss of revenues the PCB had estimated earnings of around USD 70 million from the planned series with India in December. "No doubt if India doesn't confirm the series which we will host it will hit us financially in the long run," he said. Another reliable source confirmed that under the agreement with the official broadcaster, the PCB need to host one or two home series against India in the duration of the contract.
"If that doesn't happen there will be deductions in the total contract amount of USD 145 million." At present the PCB appears to be financially secure as it is said to have cash around USD 50 million in its kitty in different accounts besides some property and other assets in Lahore and Karachi.
"We have survived inspite of not being able to host a full Test series at home since 2009 because of the share we get from the ICC from participating in ICC events," the source said. But he said at the moment another problem which the PCB was facing was to ensure that the much-hyped Pakistan Super League T20 project was not a financial burden on the board's assets.
"So far things have been difficult for the PSL secretariat because the expectations of big earnings from sale of braodcasting rights have not been realised and secondly lot of money is being spent on maintaining the secretariat and the travel and costs of its employees," the source said. He said because of the PSL project the PCB was already paying a 50 per cent extra salary to those employees who were working on this project apart from their routine jobs in the board.
The source said the success of the PSL will depend on how much the board eventually sells its broadcasting rights for and when the title and in stadia rights are bid for and sold on November 9 and 11. "The sale of rights for franchises will be held on November 18 or 19," the source added.