PSL may switch to rupee-based model amid new valuation process

LAHORE: The Pakistan Cricket Board (PCB) is considering major financial reforms in the Pakistan Super League (PSL), including shifting all transactions from US dollars to Pakistani rupees.

A meeting chaired by PSL Chief Executive Officer Salman Naseer was held at the PCB headquarters, where chartered firm EY MENA presented the new PSL valuation report.

The firm, represented by Mohsin Iqbal and his team, will finalise the revised market value of all franchises in the coming days.

According to sources, the new 10-year franchise agreements will be based on this valuation report. The proposal also includes offering ownership rights of new franchises in local currency.

The contracts of the six existing PSL teams are set to expire in December. Within a week, the PCB will send draft renewal agreements to current franchises. Those unwilling to accept the new terms will be placed in an open bidding process.

The PCB is also exploring an expansion plan to increase the number of teams from six to eight.

In the earlier franchise sales, Karachi Kings were sold for $2.6 million, Lahore Qalandars for $2.5 million, Peshawar Zalmi for $1.6 million, Islamabad United for $1.5 million, and Quetta Gladiators for $1.1 million, while Multan Sultans joined in 2017 for an annual fee of $6.35 million.

The new valuation is expected to significantly reshape PSL’s financial structure and could have far-reaching implications for the future of existing franchises.