Pakistan Super League (PSL) franchises have accepted the new revenue-sharing model that promises an increased share in revenue and fixing of dollar rate, the Pakistan Cricket Board (PCB) said on Monday.

The cricket board said that all six franchises have agreed upon the offer, which was presented to them during last month’s Governing Council meeting in Lahore.

Some of the salient features included in the offer were the fee relaxation for the fifth and sixth editions of PSL as part of Covid-19 relief, an increase in the share of all six franchises from the Central Pool of Revenue for the next 14 years, and fixing of dollar rate to end the uncertainty surrounding annual payments.

PCB presents new financial model to PSL franchises

“The longstanding matters between the PCB and the franchises were causing distraction and affecting the reputation of the brand. I am delighted that all matters have finally been resolved, which is a big step forward in building a stronger relationship with the franchise owners as we look forward to working with them to take the HBL PSL to greater and unprecedented heights,” PCB chairman Ramiz Raja said in a joint statement.

Meanwhile, the franchise owners welcomed the move and said they look forward to expanding the existing partnership with the cricket board and making the league even bigger and better.

“HBL PSL is very close to our hearts. Since 2016, we all have worked very hard to bring it to where it is today. The acceptance of the PCB offer is an indication of our commitment and resolve to make the HBL PSL a bigger and better league that is participated by the best players, commercially supported by the elite companies and watched live by the passionate cricket fans in Pakistan as well as globally.”

PCB BoGs approve budget 2021-22 with total spending of Rs8.997bn

The previous revenue model had been a bone of contention between PCB and the PSL franchises since the inception of the league.

Under the new model, the PCB keeps five per cent of the profit and distributes the rest among the franchises. In return, the franchise would also have to pay an increased annual fee as part of the new deal.