PSL audit report reveals eye-watering losses

The audit reports of the first two instalments of the Pakistan Super League (PSL) revealed losses worth millions of rupees, as a consequence of irregular payments, reported Dawn.

The audit report dated 2017-18 was presented to the National Assembly on Monday and said that the Pakistan Cricket Board (PCB) had to bear a loss of Rs 248.615 million, citing that the loss was a result of inconsistent payments to franchises, vendors, TA/DA to journalists and members of the Board of Governors (BOG).

The report detailed losses amounting to Rs 54.490 million and $11 million as a result of irregular compensation to franchises and arbitrary auctioning of the franchise respectively. The report also stated non-recoveries from franchises totaling Rs 32.050 million. Furthermore, unorganized and excessive expenditure over the PSL-II Final roughly estimated to Rs 18.880 million. Not to mention, the Rs 126 million expenditure on the marketing campaign of the league. 

Added to this, the report highlighted the board’s illicit transfer of PSL funds to third parties outside of Pakistan, which amounted to Rs 145.148 million. A loss of Rs 13 million was also revealed as a result of being denied to auction commercial broadcasting rights.

PCB’s uncalculated spending of Rs 15.418 million arising from TA/DA of journalists and accommodation of the BOG members, as well as lack of transparency for franchise rights consequently bore a loss of an eye-watering $57 million.

Through the 39 paras of the audit report, it was certain that the PCB needed to sort their finances. The auditors rejected all excuses that the PCB presented to justify their wobbly financial position. 

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