Pakistan adopts ICC's new Financial structure, PCB's revenue expected to increase twice their earnings from past cycle
Pakistan accepts the new financial arrangement proposed by the ICC.
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The Pakistan Cricket Board (PCB) has agreed to the proposed funding model from the International Cricket Council (ICC), which will result in the board receiving more than twice its current earnings. The decision was made during the ICC meeting and annual conference, which was held in Durban, South Africa, from July 10 to July 13, where the PCB delegation discussed a plethora of topics.
The "Financial and Distribution Model 2024-27" of the ICC aims to invest the most money ever in international cricket, providing a significant opportunity for the sport to flourish and thrive. The approach takes into account both on-field and off-field performance factors, such as cricket rankings, success at ICC tournaments, and financial contributions to ICC, when determining the distribution share among members.
In light of this development, the PCB had been actively seeking additional information and clarity on the rationale behind the allocation of weightage to each criterion and the calculation of distributions. Expressing concerns over the lack of complete information, data, and formulas, the PCB proposed deferring the decision to the next ICC meeting.
However, the majority of members felt it was not feasible to postpone the decision and voted in the favour of passing the model. The PCB, while acknowledging the majority's decision, registered its dissent as a matter of principle.
According to the statement issued by the PCB, the new financial model recognizes the team's performance in ICC events and bilateral cricket, as well as the board's large fan base, leading to significant commercial value. As a result, the PCB's share of revenue will more than double compared to the previous cycle, opening up avenues for greater investment in developing cricketing skills and propelling Pakistan Cricket to new heights.
"Team's performance in the men's ICC events and in bilateral cricket, the PCB’s own huge fan base, which leads to significant commercial value, the PCB was ranked amongst the top-four nations in this model," as per The News.
38.5% of the expected revenue is expected to go to India, with the remaining portions going to Australia, and England, with 6.25 and 6.89% respectively. As per a report by ESPNcricinfo, the $3 billion TV rights deal for the years 2024 to 2027 will probably produce the majority of Pakistan's 5.75 percent portion of the ICC's estimated earnings.
PCB chairman Zaka Ashraf also discussed regarding schedule of upcoming Asia Cup 2023
Notably, during the ICC meetings, PCB Chairman, Zaka Ashraf, held multiple meetings with officials from other cricket boards, focusing on collaborations and programs aimed at mutually beneficial cricket development and growth.
Furthermore, on July 15, the PCB and Asian Cricket Council (ACC) officials convened a meeting to finalize the schedule, logistical arrangements, and marketing campaigns for the Asia Cup 2023. The announcement of the confirmed schedule is expected to be made later this week, generating anticipation among cricket enthusiasts.
The PCB stands to gain significantly more money with the ratification of the ICC's new financial model, enabling greater investment in the sport and giving Pakistan Cricket the chance to make enormous achievements.