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PSL financial Scandal- Recent findings indicate that auditors have discovered significant irregularities within the financial records of the Pakistan Super League (PSL), encompassing non-transparent contracts and substantial losses amounting to Rs14 billion.
The documentation discloses that the Pakistan Cricket Board (PCB) entered into a non-transparent contract, valued at Rs1.4 billion, pertaining to the sale of TV broadcasting rights.
Financial setbacks of Rs908 million were incurred by the PCB due to an irregular advance payment made to vendors for services, a misstep attributed to the absence of clearly defined financial regulations, as emphasized in the report by the Auditor General of Pakistan (AGP).
Furthermore, the failure to authorize one of the joint bidders for TV broadcast rights for PSL 7-8, totaling Rs4.3 billion, coupled with an irregular renewal of the percentage share of franchisees for the central pool of income, led to an additional loss of Rs1.6 billion, as outlined in the audit report.
The audit report exposes that the PCB board awarded a non-transparent contract worth Rs1.4 billion for the sale of TV broadcasting rights, contravening clause 3(3) of PCB Constitution SRO 43(KE)/2014, underscoring the significance of transparent operations.
The agreements with M/S Techfront and M/s Blitz for the sale of Global and Local TV broadcasting rights resulted in the failure to recover the Global Live Streaming amount, totaling Rs194.741 million.