PSL: PCB incurs huge loss in millions

In bad news for Pakistan Cricket Board, it incurred huge losses estimated to be in millions owing to irregularities, during the initial two seasons of Pakistan Super League (PSL), according to a special audit report.

PSL: PCB incurs huge loss in millions
PSL trophy

As per Dawan, the report, which was presented before the Pakistan National Assembly on Monday, Pakistan Cricket Board lost a sum of Rs 248.615 million for paying PSL franchisees excess amount as against the already discussed share of the central pool.

To make things much worse for the board, awarding irregular compensation to the franchisees forced it to incur a huge loss of Rs 54.49 million.

Also Read - ECB chief comes in support for Ben Stokes

The audit report, for 2017-18, reveals the complete details- irregularities in payments and failure to recover it due from the franchises, advance payments to the vendors, TA/DA to journalists and members of the board of governors.

The report also claims that PCB didn’t recover a sum of Rs 32.05 million from the franchise and failure to estimate the cost of production of PSL 2 final led to increased expenditure.

It also went on to accuse PCB of making unauthorised and unlawful transfer of PSL funds into third party bank accounts outside the nation.

Its failure to auction commercial broadcast rights has also led to a huge loss of Rs 13 million.

After all these, Pakistan Cricket Board chipped in with many reasons but the auditors were least bothered to listen to it and thereby rejected their explanations, the English daily reported.

Like and Share the news if you liked it.

Related Articles

I respect him but I don’t fear him: Naseem Shah on Virat Kohli

Tom Moody reveals what is wrong with Pakistan cricket

Five remaining Pakistani cricketers stranded in Sri Lanka to leave on Monday

Sangakkara suggests Australia, England to tour Pakistan

Twelve Pakistani cricketers find themselves stuck in Sri Lanka