Pakistan Super League facing losses due to increasing rate of US dollar: Report

The increasing value of the US dollar is reportedly causing financial losses for franchises participating in the upcoming Pakistan Super League (PSL) season eight. According to a Cricket Pakistan report, Pakistan players are being paid in dollars at a rate of 225 rupees per dollar, which is causing a significant financial burden for the teams. 

A team official said that there is no logical reason for paying Pakistan players in dollars, and that the franchise owners have spoken to the head of the PCB management committee Najam Sethi, about the issue but no resolution is yet to be reached. Pakistani players receive 70% of their earnings upfront, with the remaining 30% being paid after the event. However, the first payment for the seventh edition was made several days after the tournament had already begun. With the Pakistan rupee experiencing depreciation in recent years, the rate of the dollar has been continuously increasing.

This has had a direct impact on the cricket industry, with the cost of the PSL increasing for franchises as a result. However, the franchises are facing losses, in PSL, platinum cricketers' fees are between 170,000 and 130,000 dollars, diamond 85,000 to 60,000 and gold 50,000 to 40,000 dollars, silver players 25,000 to 15,000 while emerging players will receive 7 thousand dollars, in 2021, except for foreign cricketers and production, other payments were made in rupees, but last year PCB introduced dollars again, the Pakistan rupee is suffering from depreciation these days.

The rate has exceeded 262, the PSL franchises are obliged to pay the players in dollars, this year the rate will be 225 on the day of the draft on December 15, a team official said in this regard.  According to the details, the eighth edition of the Pakistan Super League will start on February 13 in Multan.