LAHORE
\nFinancial records of Pakistan Super League (PSL) have revealed massive irregularities including alleged non-transparent contracts and losses of Rs 14 billion.
\nPrivate TV reported documents of the Auditor General of Pakistan (AGP) in which it was revealed that Pakistan Cricket Board (PCB) entered into a non-transparent deal worth Rs 1.4 billion for the sale of TV broadcasting rights.
\nPCB suffered a financial loss of Rs 908 million due to illegal advance payments made to vendors for services due to the absence of financial rules outlined in the Auditor General of Pakistan (AGP) report.
\nFurther disallowance of one of the joint bidders for TV broadcast rights of Rs4.3 billion for PSL 7 and 8 along with illegal renewal of percentage share of franchises for central revenue caused another 1.6 billion rupees lost as indicated in the audit report.
\nAudit report revealed that the PCB board awarded a non-transparent contract worth Rs 1.4 billion for the sale of TV broadcasting rights, which violated clause 3(3) of the PCB constitution SRO 43(KE)\/2014. A breach occurred which underscores the importance of transparent operations. Failure to recover total global live streaming amount of Rs.194.741 million due to agreements with M\/S Techfront and M\/s Blitz for sale of global and local TV broadcast rights.
\nThe comprehensive audit also revealed a lack of transparency in two key deals, one worth Rs 338 million with M\/S Transgroup FZE for the sale of Instidia sponsorship rights and the other for the sale of live streaming rights worth Rs 181 million.
\nPCB management also engaged in non-transparent agreements with M\/S Khalif and Transgroup FZE for sale of graphic interchange rights and truck branding rights worth Rs 46 million and Rs 15 million respectively.
\nAnother USD 7.805 million deal with Transgroup FZE\/ITW Consulting FZE for the sale of Instadia sponsorship rights (gold, silver, umpire) resulted in a payment of Rs 147 million due to an unnecessary provision for doubtful debts.
\nPCB management faced challenges in recovering arrears of Rs.133 million from M\/s Khalif Technologies Inc.
\nAudit team uncovered a major issue where PCB jeopardized PSL\u2019s revenue by not obtaining bank guarantees from franchisees. The franchise rights of PSL teams in PSL-V were awarded to various franchises for a total of Rs 3.2 billion which poses a threat to the financial stability of the league.
\nAuditors found a lack of authorization for one of the joint bidders for TV broadcasting rights totaling Rs 4.3 billion for PSL 7 and 8.
\nHe further pointed out an irregular broadcasting contract awarded to an FM radio station with an arrears of Rs 14.274 million which was not recovered.<\/p>\n","protected":false},"excerpt":{"rendered":"
LAHORE Financial records of Pakistan Super League (PSL) have revealed massive irregularities including alleged non-transparent contracts and losses of Rs 14 billion. Private TV reported documents of the Auditor General of Pakistan (AGP) in which it was revealed that Pakistan Cricket Board (PCB) entered into a non-transparent deal worth Rs 1.4 billion for the sale […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-375777","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-sports"},"yoast_head":"\n