A special audit report has recently revealed that the Pakistan Cricket Board (PCB) faced humungous losses, running in millions of rupees, due to irregularities, during the first two editions of the Pakistan Super League (PSL).
According to Dawan, the report, which was presented before the Pakistan National Assembly on Monday, PCB lost Rs. 248.615 million for paying PSL franchisees excess amount as compared to the agreed share of the central pool. Awarding irregular compensation to the PSL teams further forced the board to suffer a loss of Rs. 54.49 million.
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The audit report, for the year 2017-18, talks about irregularities in payments and failure to recover the lost amount due from the franchisees, advance payments to the vendors, TA/DA to journalists and members of the board of governors. The report further revealed that PCB didn’t recover Rs. 32.05 million from the franchise and failure to estimate the cost of production of PSL 2 final resulted in excess expenditure.
It also accused PCB of making the unauthorized and unlawful transfer of PSL funds into third party bank accounts outside the country. Failure to auction commercial broadcast rights has also resulted in a loss of Rs. 13 million. Although PCB has reasoned the losses the auditors rejected their explanations, the English daily reported.
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.
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Through the 39 paragraphs of the audit report, it was certain that the PCB requires to get their finances in order to suffer minimum losses. The report from the Auditor General has also revealed that that the PCB made the unauthorised and unlawful transfer of PSL funds of Rs. 145.148 million into third party bank accounts outside Pakistan.
