PCB suffers huge financial loses in Champions Trophy

The Pakistan Cricket Board (PCB) has reportedly suffered a huge financial hit for hosting the recently concluded ICC Champions Trophy.

Hosting the first ICC event in 29 years which was no short of a financial disaster, according to The Telegraph.

The board spend PKR 18 billion (about $58 million) upgrading each of the three venues—Rawalpindi, Lahore, and Karachi, which was more than the 50 percent of their budget.

In addition, they spent $40 million on event preparations. However, they only received $6 million in return as part of the hosting fee and change from ticket sales and sponsorships, the publication reported.

This implies that PCB suffered a loss of about $85 million.

Apart from that, Pakistan only played one game at home, which was against New Zealand at the National Bank Stadium in Karachi.

Their next match, against Bangladesh in Rawalpindi, was washed out without even the toss. Two other matches of the remaining eight held in Pakistan also ended in the same way.

The report further said that the players were made to face the brutal consequences of the ‘financial misadventure’ as match fees in the national T20 championship have been reduced by 90 per cent and those for reserve player payments by 87.5 per cent.

These cricketers, who were once accommodated in five-star hotels, found themselves in budget accommodations while the administrators continued drawing millions of salaries.