PCB presents financial draft proposal to PSL franchise owners
The Pakistan Cricket Board (PCB) has presented a new financial draft to the Pakistan Super League (PSL) franchise owners as part of the ongoing issue between the two parties.
PCB has faced criticism from the PSL teams, who have accused the board of employing an unfair revenue-sharing model that has failed to yield profits for the franchises.
The respective team owners recently approached the Lahore High Court to find justice in the matter but they have now agreed to an out-of-court settlement to resolve the deadlock.
According to a press release published by the cricket body, "the participants engaged in good faith discussions with a view to resolving outstanding matters, disputes and grievances."
Both sides are deliberating over a just financial structure that ensures an equitable distribution of the earnings from the competition.
"Both sides agreed to delve deeper into the proposed model with their respective financial and operational teams over the coming weeks and aim to resolve outstanding concerns and find a mutually beneficial position as soon as possible," the PCB further stated.
The PCB had earlier coaxed the PSL franchises that they would be able to break even once the tournament is hosted in its entirety in Pakistan.
The fifth edition of the league was thus being held across the four venues of Karachi, Lahore, Multan and Rawalpindi before the coronavirus outbreak delayed the playoffs stage. The PSL cricket action will resume at the Gaddafi Stadium on November 14 with the final scheduled three days later.