Financial problems and unclear contracts worth over Rs. 14 billion discovered in PSL audit

Recent findings from auditors highlight significant irregularities in the financial records of the Pakistan Super League (PSL), including non-transparent contracts and substantial losses amounting to Rs14 billion.

According to documents, the Pakistan Cricket Board (PCB) was involved in a non-transparent contract worth Rs1.4 billion for the sale of TV broadcasting rights. The financial audit uncovered losses of Rs908 million due to an irregular advance payment made to vendors for services, attributed to the absence of clearly defined financial rules, as detailed in the Auditor General of Pakistan’s (AGP) report.

Moreover, the failure to authorize one of the joint bidders for TV broadcast rights for PSL 7-8, amounting to Rs4.3 billion, and the irregular renewal of the percentage share of franchisees for the central pool of income resulted in an additional loss of Rs1.6 billion, as outlined in the audit report.

The audit report indicates that the PCB board granted a non-transparent contract of Rs1.4 billion for the sale of TV broadcasting rights, violating clause 3(3) of PCB Constitution SRO 43(KE)/2014, emphasizing the importance of transparent operations.

Furthermore, agreements with M/S Techfront and M/s Blitz for the sale of Global and Local TV broadcasting rights led to a failure in recovering the Global Live Streaming amount, totaling Rs194.741 million, as per the audit findings.

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