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"If India aimed to cause financial harm to Pakistan, they will face similar losses": Javed Murtaza, Chief Financial Officer PCB

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Quotes from press conference by Amir Mir, Advisor to the PCB Chairman:


"Thank you to all media friends for being here and for your patience. I’m joined by Mr. Javed Murtaza, the Chief Financial Officer of the Pakistan Cricket Board (PCB). I am addressing this press conference as the PCB spokesperson to counter the propaganda spread by the Indian media regarding the Champions Trophy. Claims of significant financial loss to the PCB due to the tournament are baseless.

The truth is, the PCB earned an estimated profit of three billion rupees from the Champions Trophy, exceeding initial estimates of two billion rupees. Additionally, the PCB did not bear any expenses for the event, as it was entirely funded by the International Cricket Council (ICC). The ICC allocated a budget of 70 million dollars for the event and ensured all arrangements were covered.

The revenue for the PCB came from ground fees and ticket sales, with final profits to be confirmed after an ICC audit. This successful tournament demonstrated that the PCB is capable of hosting international-level events in Pakistan, disproving India's security concerns narrative. Teams from cricket-playing nations participated without any security breaches or incidents.

Under Chairman Mohsin Naqvi, the PCB's financial position has strengthened significantly, with record profits earned in the 2023-24 fiscal year. The PCB has also become one of the wealthiest cricket boards globally, paying substantial taxes to the national treasury.

Major upgrades and renovations were carried out at National Stadium Karachi, Pindi Stadium, and Gaddafi Stadium under Naqvi’s leadership. These projects were completed within four months, ensuring Pakistan now has international-standard stadiums to host future events.

It was crucial to present these facts to counter the false propaganda by the Indian media"

Now, I’ll hand over the microphone to Mr. Javed Murtaza, CFO of PCB, for further financial insights"


Javed Murtaza, CFO of PCB

"As Mr. Amir mentioned, our original profit target was PKR 2 billion, which I presented to the Chairman. On the same day, the Chairman called all department heads and set a new goal of PKR 3 billion. Today, by the grace of Allah, we have achieved profits of around PKR 3 billion.

Regarding ICC expenses, they were nominal since all major expenditures were handled by the ICC, as it was their tournament hosted in Pakistan. Our costs were limited to routine daily expenses, with no significant outlays.

I want to reiterate this point: often, it is claimed that we might face losses, but the investments made are long-term, spanning 30 to 50 years. These investments were not limited to hosting the ICC Champions Trophy; they were made for the next several decades. Additionally, PCB has undertaken substantial real estate investments this year, and we will provide details in a future briefing.

We are financially stable and, Inshallah, will remain so. Claims suggesting otherwise are baseless. For further transparency, the financial health report will be uploaded to the PCB website next week.

Regarding India-Pakistan relations, if India aimed to cause financial harm to Pakistan, they will face similar losses. Matches between the two nations are always highly lucrative. With Pakistan now deciding not to visit India for three years, the financial losses India could face will likely outweigh any losses we might encounter from the Champions Trophy.

Lastly, under Chairman Mohsin Naqvi, targets were revised, unnecessary expenses were cut without compromising cricket or cricketers, and revenues were revisited and enhanced. This proactive approach has significantly improved PCB’s financial position, ensuring long-term growth."
 
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So turns out that Indian media was spreading fake news again which were further amplified by political opponents. Not surprised at all. Saw this coming miles away.
 
Quotes from press conference by Amir Mir, Advisor to the PCB Chairman:


Regarding India-Pakistan relations, if India aimed to cause financial harm to Pakistan, they will face similar losses. Matches between the two nations are always highly lucrative. With Pakistan now deciding not to visit India for three years, the financial losses India could face will likely outweigh any losses we might encounter from the Champions Trophy.
This statement sounds a little contradictory to the previous claim of profits. Is PCB expecting any losses from the Champions Trophy to still come out?
 
I don't think he is being completely truthful. I saw alteast a couple of news reports that said the stadium renovations had gone over-budget and the PCB was sought additional funds from the government, pending cabinet approval.
 
So turns out that Indian media was spreading fake news again which were further amplified by cultists who spare no chance to badmouth Pakistan since their favorite is not the PM. Not surprised at all. Saw this coming miles away.
PCB is lying. They wil not even get the 6mn from The ICC as hosting fees .
1.5 mn was the insurance money.

They will get 4.5 mn for the hosting fees.

Total 10 match was hosted by Pakistan in which three of them washout( so no gate money for those washout game's)

So what was the gate money of 7 games - any Guess? You have no clue

Only 2-3 match were housefull .

Most of gate money came from Indian matches due to High ticket prices and PCB is not gets any gate money from UAE legs.

Before the stadium renovation PCB bank balance was around 28 bn( PKR)
Do you know how many Billions they used in stadiums renovation? I know you don't have clue so I'll explained .

Initial they were allocated 12bn as renovations budget but due to Short period budget cost has been increased around 23 bn ( Yes 23 bn is the estimated cost of the renovation).

PCB has taken 5.5bn loan already. They are already in the panic mode.

There are news about reducing the match fee's of domestic matches ( Still not confirmed as Naqvi is under pressure due to backlash) , the accommodation for players has also been changed, the five-star accommodation has been replaced by stays in “cheaper” hotels. No air Travels ,no daily allowance for the players

The PCB has also failed to clear the payments for domestic players and umpires for last season, besides stalling the implementation of the annual pension scheme for former Test cricketers

but but PCB is in the profits .lol

:kp
 
Amir Mir, Advisor to the PCB Chairman:
Javed Murtaza, CFO of PCB

"Today, by the grace of Allah, we have achieved profits of around PKR 3 billion.

We are financially stable and, Inshallah, will remain so."
Financial assessments these, interlaced with emotions.

Something is amiss.

You can just sense it.
 
How stupid does he think people are?

This news report is just over a month old.

“The CFO [Chief Operating Officer] brought to the attention of the BoG members that as per the revised estimate provided by the PCB Director Infrastructure, the estimated budgetary requirement for the three stadia upgradation projects has increased by Rs5 billion i.e. Rs13 billion vs Rs18 billion,”

He (CFO) further added that considering the anticipated overall future cash flow requirements, there is a strong possibility that the PCB will require period external cash flow support for the foreseeable future. Consequently, the management has agreed in principle to secure external cash overdraft facilities in the amount of Rs3 billion to Rs6 billion to support any unexpected additional funding requirements. The management is in negotiations with different governmental and private banks to secure the best possible arrangements.
 
Apart from the final figure nothing was mentioned. They should have given full fledged financial statement about expenses and profits to completely humiliate the fake news spreaders. But all they did was a generic number laced with emotional dialogues.
 
Under Chairman Mohsin Naqvi, the PCB's financial position has strengthened significantly

profit target was PKR 2 billion, which I presented to the Chairman. On the same day, the Chairman called all department heads and set a new goal of PKR 3 billion

under Chairman Mohsin Naqvi, targets were revised, unnecessary expenses were cut without compromising cricket or cricketers, and revenues were revisited and enhanced
Mohsin seems a visionary! And he is going to head the ACC. Asian cricket is lucky!
 
What an absolute idiot. Does he not think BCCI will use the time available to plan on how to mitigate, minimize the losses?
 
PCB continues to take shots at BCCI, keeps calling Bharat dushman mulq etc. Does press conferences. Talks loudly. Talks aggressively.

BCCI stays silent and delivers decisive blows working in the shadows 🗿🗿🗿
 
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Telegraph India and Hindustan Times were the guilty parties here.

Just making up numbers out of thin air and then adding capital expenditures as losses for dramatic effect.

I don't know why the PCB CFO is talking about the BCCI though as that's irrelevant nor do they have anything to do with this. Plus, their financial health is so far ahead that they will be fine even if they never play Pakistan again.

But of course, everyone likes making money including them from the ICC matches between India and Pakistan. This is why they haven't shut off the tap completely.
 
PCB is lying. They wil not even get the 6mn from The ICC as hosting fees .
1.5 mn was the insurance money.

They will get 4.5 mn for the hosting fees.

Total 10 match was hosted by Pakistan in which three of them washout( so no gate money for those washout game's)

So what was the gate money of 7 games - any Guess? You have no clue

Only 2-3 match were housefull .

Most of gate money came from Indian matches due to High ticket prices and PCB is not gets any gate money from UAE legs.

Before the stadium renovation PCB bank balance was around 28 bn( PKR)
Do you know how many Billions they used in stadiums renovation? I know you don't have clue so I'll explained .

Initial they were allocated 12bn as renovations budget but due to Short period budget cost has been increased around 23 bn ( Yes 23 bn is the estimated cost of the renovation).

PCB has taken 5.5bn loan already. They are already in the panic mode.

There are news about reducing the match fee's of domestic matches ( Still not confirmed as Naqvi is under pressure due to backlash) , the accommodation for players has also been changed, the five-star accommodation has been replaced by stays in “cheaper” hotels. No air Travels ,no daily allowance for the players

The PCB has also failed to clear the payments for domestic players and umpires for last season, besides stalling the implementation of the annual pension scheme for former Test cricketers

but but PCB is in the profits .lol

:kp
Your claims are as senseless
 
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So turns out that Indian media was spreading fake news again which were further amplified by political opponents. Not surprised at all. Saw this coming miles away.
I don’t trust Indian media but I don’t trust PCB either tbh
 
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