Pakistan Cricket Board could face severe hit in revenue if Asia Cup is cancelled
The Asia Cup hangs in uncertainty as tension escalated between India and Pakistan following the terror attack in Jammu and Kashmir's Pahalgam that took the lives of 26 civilians.
Pakistan Cricket Board (PCB) could face a severe hit in its revenue if the tournament stands cancelled. The fresh concerns rise following Indian players' withdrawal from the India vs Pakistan clash in the World Champions League on Sunday.
The PCB is expecting to earn approximately PKR 880 crore this year from its share of revenue from the International Cricket Council (ICC) and the Asian Cricket Council (ACC), PTI reported citing Board sources. According to PTI sources, the PCB is expecting $25.9 million (approximately PKR 770 crore) in this fiscal year from its share from the ICC. Further, the board is hopeful of earning PKR 116 crore from the Asia Cup and PKR 77 lakh through other international cricket events."The revenues from these two major sources (ICC and Asia Cup) is very important for the financial health of Pakistan cricket," an insider told PTI.
The uncertainty over Asia Cup has increased as PCB and ACC Chairman Mohsin Naqvi did not travel to Singapore for the ICC meetings last weekend. He took part in the meeting virtually. According to the insider, PCB CEO Sumair Ahmed, who was present in the ICC meeting "didn't get positive responses" from either the BCCI or the boards of Sri Lanka, and Afghanistan over attending the ACC meeting called on July 24 in Dhaka to finalise the Asia Cup arrangements."The PCB met with plenty of resistance to the ACC scheduling the meeting in Dhaka. India, Sri Lanka, Afghanistan, Oman and few other associate member boards were adamant about not travelling to Dhaka," the source said. This year, India is scheduled to host the Asia Cup in September but due to the existing situation, the chances of the regional event being moved to UAE are high.PCB claimed to have earned about $10 million (PKR 300 crore) from the Champions Trophy held in February and March this year. PCB spokesperson, Aamir Mir and Chief Financial Officer (CFO) Javed Murtaza quashed the rumours about the board facing losses by hosting the ODI tournament and spending enormous amounts on upgrading stadiums in Karachi, Lahore and Rawalpindi for the event.'All expenses for the tournament were covered by the ICC,' Mir said adding that the PCB generated revenue through gate money and ticket sales. 'Additionally, after the audit, we expect to receive another Rs 3 billion from the ICC,' he added.He further claimed that PCB had initially targeted PKR 200 crore in earnings from the Champions Trophy, but they surpassed this goal.He also claimed that the board's total revenue for the 2023-24 fiscal year reached PKR 1,000 crore, which was a 40% increase from the previous year.'With this financial strength, PCB now ranks among the top three richest cricket boards in the world,' Mir said.To add to PCB's financial woes, an audit report found financial irregularities to the tune of more than PKR 6 billion ($21 million) and governance issues dating back two years. The Auditor General of Pakistan's report for the 2023-24 financial year was published in The News and highlighted the non-recovery of outstanding sponsorship worth PKR 530 crore ($18.6 million) as the major discrepancy identified.The report also questioned the PKR 6.33 core ($220,000) the board spent on meals for police and law enforcement personnel assigned for the security of foreign teams during international matches in Pakistan.The auditors said providing security was the responsibility of governments, and disagreed with the PCB's explanation that visiting international teams were given extra safety guarantees that required heavy police deployment.The audit report also flagged the hiring of three junior regional coaches who didn't meet the eligibility criteria and the appointment of a media director outside the proper procedure.Compensation paid to cover utility charges, fuel and accommodation for the PCB chairman between February and June of last year was also highlighted as unauthorized because Navqi received that as part of his government benefits.The auditors rejected the cricket board's response that the PCB chairman "is authorized for utility expense as per bylaws".
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