PSL franchises demand PKR as practicable currency instead of US Dollar

The six franchises of Pakistan Super League wrote a letter to the Pakistan Cricket Board (PCB) demanding to use Pakistani rupee as operational currency instead of US dollar.

The letter was submitted to the Chairman PCB Ehsan Mani in which franchises mentioned that behind the loss of $15-18 million they face depreciation of the Pakistani currency.

“It is highlighted that franchises as a group are losing between $15-18mn every year in the PSL,” the letter read.

Franchises further wrote, “while the next asset sales cycle is expected to improve this somewhat, the impending economic slowdown, the dramatic depreciation of the PKR, the currency mismatch in the franchise revenue and cost sources, along with the excessive taxation by PRA/FBR, have raised serious concerns about the financial sustainability of all teams”

It was also highlighted in the letter that each franchise has roughly lost 25-30 per cent due to the currency valuation.

The franchises have also proposed that already agreed-upon deals in greenbacks should be fixed at Rs105 a dollar.

“The agreement stipulates this be done at the going USD rate whereas we recommend this be done at the equivalent value of the USD as of the bid date and that PKR value retained throughout the term of the agreement,” the letter read.

PSL franchises also look for a tax waiver from the government.