Sunday, November 27, 2022

PCB denies Samaa TV story

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The PCB has strongly denied a media report, aired by Samaa TV on Tuesday. 

The PCB wishes to explain and clarify that the PCB earned a surplus in the 2018-19 and 2019-20 financial years, which can be established and substantiated by the Financial Statements that are available on the PCB corporate website.

As regards the loss of PKR835million in the 2020-21 financial year, the PCB reproduces below the statement from the audited Financial Statements, which has been endorsed by the auditors and is self-explanatory:

“During the year, Pakistan Cricket Board (PCB) has compensated franchises on the account of Covid-19 relief for PSL 5 and PSL 6 amounting to PKR810million and PKR828million, respectively. Had there been no such additional payout to the franchisees for PSL 5 and PSL 6, PCB would have earned a surplus before tax amounting to PKR882million.”

It may recalled here that the PSL 5 had to be suspended after 30 league matches following Covid-19 outbreak and the remaining four matches were held in November 2020. Similarly, the PSL 6 had to be suspended after 14 matches, again following Covid-19 outbreak, with the remaining 20 matches taking place in Abu Dhabi, United Arab Emirates. Both the events resulted in incremental costs to the PCB.

PCB Financial Statements are available at the PCB website under Documents at https://www.pcb.com.pk/important-documents.html.

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