Despite huge loss, PCB optimistic about holding finances for another 12 to 14 months
PCB have estimated a loss of USD 1.2 million from the cancelled PSL matches as well as the series against Bangladesh but CEO Wasim Khan is confident that it is sustainable for the next 12 to 14 months. PCB's five-year broadcasting deal and the kit sponsorship were about to end as well.
The pandemic that is the coronavirus might have stopped the sporting activities, bringing the fans to rely on Throwbacks and Old matches in the home self-isolation time, but it has also caused irreparable losses to the boards all over the world. The BCCI is set to suffer losses over 10,000 crore if the IPL is cancelled altogether but the BCCI is just one in the fight.
ESPN Cricinfo reported that PCB is set to incur an estimated loss of PKR 200 million (USD 1.2 million approx) in terms of gate revenues alone following the postponement of the PSL semi-finals and final. There will be another loss of USD 3 to 4 million from not staging the remainder of Pakistan's home series against Bangladesh in April. However, PCB CEO Wasim Khan revealed that PCB's financial health is still sustainable for the next 12 to 14 months even though they are seeking out new broadcasting and kit sponsorship deals.
"For now our financial grounds are fine, and obviously we just had a PSL, and the losses we incurred were from gate receipts and sponsorships. I was roughly calculating that it could be around the 200-million-rupee mark in terms of gate receipts that we actually lost on our revenue. This is something we will have definite numbers for in the next couple of weeks, and we will provide the details of where we made the greatest losses," Wasim Khan was quoted as saying by ESPN Cricinfo.
"So we are in a fortunate position in the fact that the only immediate loss we have is the Bangladesh series. We lost three to four million dollars because we are not playing the Test and ODI. Apart from that, we have two things: one, our shirt sponsorship is up for taking, so we are not losing money on that, and we are looking for a new sponsor, and secondly, our broadcasting rights are ending and the Bangladesh series was the last of the Ten Sports deal that we currently had.
"We are moving on to negotiate and looking for new deals and we are very fortunate in the fact that we don't have home cricket and international's cricket until we move on to the Asia Cup and Zimbabwe in October. Our finances are okay but like any other country if this continues for another 12 or 14 months, then we will start to see a real challenge in our finances. So for time being, we are absolutely fine," Khan further added.
The bigger challenge that awaits the PCB is not just arranging things on the go, but to keep the structure in place. After decentralising its domestic stakeholders, forming six independent provincial and city associations, they are now in a position where they have to pay to their players directly. Cricinfo reported that the PCB is exploring a plan to squeeze in another tournament, allowing departments to return to the fold.
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