The upgradation cost of the stadiums has shot up by over five billion Pakistani rupees.© PCB
As Pakistan gears up to welcome international teams for next week’s Champions Trophy, the country’s cricket board is also reportedly making contingency plans to manage its finances after the cost of reconstruction and upgradation of its stadiums shot up by over five billion rupees (approx USD 20.4 million). The original estimated budget for the renovation of PCB venues in Karachi, Lahore and Rawalpindi was 12.3 billion Pakistani rupees (approx. Rs 383 crore), which has now gone up to 18 billion rupees (approx. Rs 561 crore). The tournament begins february 19 with India playing all their matches in Dubai from February 20.
The PCB’s Board of Governors (BOG) has approved the additional cost. The board’s chief financial officer has also been given approval for an overdraft of 3 to 6 billion rupees (if required) for the current fiscal year budget.
According to a report in the ‘Dawn’ newspaper, the CFO told the BOG at a meeting in December that considering the anticipated overall future cash flow requirements, there is a strong possibility that the PCB will require external cash flow support for the foreseeable future.
The report, quoting documents from the BOG meeting, said the management has agreed, in principle, to secure external cash overdraft facilities in the amount of three billion to six billion to support any unexpected additional funding requirements.
The documents also reveal that in the last fiscal year, the board had reserves of approximately 26 billion rupees.
But the board had to sell out the broadcast rights and others for the next three years (2024-26) for 1.70 billion rupees, which was less than its reserve price of around billion plus initially quoted by the PCB.
The PCB will also generate revenues after this year’s Pakistan Super League by adding two more teams to the league while its 10-year contracts with the existing franchises also ends this year and can be renegotiated.
Since its creation the PCB has been a self-supporting sports body in Pakistan not dependent on any funding from government and has never complained of any serious financial crunch.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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