PCB loses whopping amount after failing to organize two home series against India
PCB suffers badly after India refused to play bilateral series with Pakistan.
Updated - Apr 17, 2020 12:05 pm
Pakistan Cricket Board suffered major revenue losses in their last media rights deal. Surprisingly, it is due to the reason that they couldn’t manage to play a bilateral series against India. As per the sources, they have incurred a loss of USD 90 million.
It is known that India and Pakistan don’t share a strong bond when it comes to cricket due to the ongoing political tension between the two nations. In the recent past, they have locked horns in the ICC tournaments and Asia Cup but not played a single bilateral series in the last 8 years. India and Pakistan last came face to face in a bilateral ODI series back in 2012-2013.
PCB suffers financially
As per India Today, Pakistan failed to play a bilateral home series against India. Meanwhile, the broadcasters that signed a deal with PCB on one condition that they will play at least two bilateral home series against India in five years. But, they failed in fulfilling that condition due to which they had to suffer a revenue loss of 90 million dollars from the total agreement amount. The contract signed was worth 149 million dollars but they got the amount around 59 million dollars.
“Unfortunately since Pakistan was unable to play the two home series against India as included in the agreement, Ten Sports and PTV the two broadcasters who had taken the rights deducted 90 million dollars of the total sum as per the agreement,” the source said.
Source also added that the condition of the market is quite poor due to the Coronavirus outbreak, “The problem is that right now due to the Coronavirus pandemic the situation in the market is bad. In fact, the situation for cricket broadcast rights has been poor since last December,” the source said.
Earlier, Ehsan Mani, the PCB chief had also opened up over the same. In a podcast, he said that the board is initially prepared to receive lower bids than their expectations. Now, it will be interesting to watch how PCB will overcome these losses.