The Pakistan Super League (PSL) has found itself entangled in a web of financial discrepancies and non-transparent deals, with auditors uncovering serious irregularities amounting to a staggering Rs14 billion. Documents acquired by the Hum News have shed light on a range of financial anomalies within the Pakistan Cricket Board’s (PCB) premier cricket league.
The revelation of non-transparent contracts, irregular advances, and significant losses has rattled the cricketing fraternity and raised concerns about the financial governance of the esteemed tournament.
Official documents unearthed by the HIT indicate that the PCB engaged in non-transparent dealings, specifically highlighting a contract valued at Rs1.4 billion for TV broadcasting rights. This contract, seemingly opaque, stood in stark contradiction to PCB’s constitutional mandates requiring transparent operations under clause 3(3) of PCB Constitution SRO 43(KE)/2014.
The auditors further delved into the financial transactions involving various entities, including M/S Techfront, M/s Blitz, M/S Transgroup FZE, M/S Khaleef, and ITW Consulting FZE, uncovering questionable contracts totaling hundreds of millions. These contracts encompassed TV broadcasting, live streaming, Instadia sponsorship, graphic interchange rights, and truck branding rights, amongst others.
Additionally, the audit raised concerns about the irregular renewal of the percentage share of franchisees for the central pool of income, resulting in an estimated loss of Rs1.6 billion. Non-recovery of significant sums from vendors and joint bidders for TV broadcast rights has further amplified the financial challenges faced by the PSL.
Moreover, the auditors pointed out several instances of unjustified financial decisions by the PCB management. This includes the non-deduction of income tax on prize money and unauthorized rollovers of funds, causing considerable losses to the tune of millions for the cricket board.
Amidst these revelations, Pakistani cricketer Ahmad Shahzad announced his resignation from the PSL, a move that might be influenced by these startling financial revelations. The failure to recover dues, non-authorization of bidders, and irregular contracts have raised questions about the financial probity and integrity within the PCB.
Despite repeated reminders, the PCB management failed to provide adequate documentation or address the auditor’s recommendations, further adding to the apprehensions regarding financial transparency and accountability within the PSL.
The unfolding saga of irregularities within the PSL not only poses significant financial implications but also brings into question the governance and financial prudence exercised by the PCB in managing one of cricket’s premier tournaments. The PCB’s decision-making, financial dealings, and adherence to constitutional mandates now face intense scrutiny in the wake of these revelations.
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