Pakistan Super League postponed

Lahore February 8, 2013: Pakistan Super League (PSL) is an initiative taken by PCB with clear cut objectives of improving the image of the country, revival of international cricket and providing an opportunity to cricket fans of Pakistan to witness fast-paced cricket live in Pakistan.

PSL is modeled on successful leagues operating in various sports around the world which attracts private franchise owners to invest in cricket teams and to build the brand equity of the League.

“Since the time we have announced PSL the response from sponsors, broadcasters, potential franchises and players has been over whelming. Over 80 foreign players have already signed agreements with PSL, a number of foreign coaches, umpires and referees have also signed up with PSL.” Salman Sarwar Butt, Managing Director PSL, said.

“The processes that we are following to award various rights i.e., those of broadcasters, sponsors, franchisees etc., are very transparent. Over 15 potential Franchise buyers, around 10 topBroadcasters and various potential sponsors from large business houses have collected the bid documents and shown extremely keen interest in acquiring respective rights. However, there are several other investors who would like us to give them more time for our various rights.” Salman Sarwar Butt, Managing Director PSL, said.

The PCB Management thought long and hard and also considered various requests from stakeholders on the timelines given for receipts of bids.

The PCB and PSL Management after thoughtful deliberations with stakeholders and considering the desire expressed by them to give more time to prepare to invest in the League, arrived at the following conclusions:

1. The concerns expressed by the stakeholders on tight timelines for submission of bids and leveraging of assets,hold merit.

2. Several requests are coming from other parties keen on picking up bid documents to become part of this extravaganza and hence more time given will benefit the League and all stakeholders.

3. While a lot of progress has already been made in getting tax exemption for PSL (broadcasters, franchise, players, investors) from the government, it seems that finalization of this approval would take some more time due to procedures involved at relevant authorities,and the bid process would already be concluded by the time tax exemptions are granted. This could impact upon the valuations done by various bidders.

4. Over 80 foreign players (and growing) have already signed to participate in PSL auction but the process of NOCs from the relevant boards is still underway and would require some time.

5. Some scheduling conflicts that arose after PSL dates were announced could result in potential star players missing out on the opportunity of participating in PSL.

The above reasons and especially keeping in view interest of investors in PSL, PCB is convinced to reschedule the event to overcome the above problems.

Managing Director PSL said:

“We have been trying to weigh the pros and cons of going along with the stated timelines and scheduling the event as per plans in March - April 2013. The decision to move away from the planned dates of PSL is an extremely difficult one but for the benefit of all stakeholders and the League, the PCB Management has decided to reschedule the event and move it to a period where there are less scheduling conflicts, and the stakeholders get enough time to develop their business plans.”

Chairman PCB said:

“We are extremely encouraged by the response to our League from various stakeholders from across the world. Looking at the response it gives us a lot of confidence that our League is a success. We envisage that as suggested, the shift in our timelines will drive more interested stakeholders towards PSL and make this one of the most sought after League in the cricketing world.”

The decisions would means that all bid timelines announced for PSL have been extended. The PCB has already formed a committee to look for a slot more feasible to the investors to reschedule PSL, and shall soon announce fresh event dates and timelines for the sale of various commercial rights.

 

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