PCB posts huge Rs1.34 billion loss

[MenInG]

LAHORE - Pakistan Cricket Board (PCB) is going to present a huge budget deficit of Rs 1.32 billion for the year 2016-17 in the Annual General Meeting of its Board of Governors today (Thursday).

The balance sheet document available to these scribes reveals that this year PCB’s deficit goes to Rs 1.31 billion where the board earned Rs 4.39 billion and its expenditure exceeded to Rs 5.45 billion, in which cricketing expenditures included 4.27 billion while the non-cricketing expenditures were 1.17 billion.

It balance sheet also shows that the board earned Rs109 million profit from hosting the second edition of the Pakistan Super League that is way less than the first PSL. It is almost $1m as compared to previous edition’s $2.6m. It may be due to the fact that the PCB has posted the final expenditure amount that may also include the payment it made to the franchise. Last year the net profit of the PCB through PSL was $600000 only after distributing the amount among franchises. In that case it would be an additional $400000 for the PCB. But the detailed audit report is yet to release and is likely to be presented in the BoG meeting as well.

The PCB once a profit making body has been suffering huge losses due to the incompetence of its management, political influences and playing at neutral venues due to security reasons.

The details of expenditures, including cricketing and non-cricketing expenditures, reveal that the PCB spent lavishly and instead of cutting their budgets short, they remained busy in home and international tours and in the end, the expenditures exceeded to the income.

Under the banner of cricketing expenditures, the PCB spent Rs 541 million on home tours at neutral venues while it spent Rs 688m on tours outside Pakistan. Other expenditures include Rs 1.14b for holding the second edition of the Pakistan Super League, Rs 261.1 on international tournaments, Rs 80.1 million on domestic tournaments and 841.7 on cricket promotional expenses.

Under non-cricketing expenditures, the biggest among them was administrative expenses on which Rs 1.02 billion were spent.

The total cricketing income includes home tour at neutral venues (Rs 1.21 billion), second edition of Pakistan Super League (PSL) Rs 1.24 billion, international tournaments (Rs 1.12 billion) and domestic tournaments (Rs 132.71 million).

Under the head of non-cricketing income, the PCB earned Rs 244.55 million through sponsorships and advertisement, Rs 38.19 million rental income and 375 million return on investment while other income includes 16.7 million.


http://nation.com.pk/sports/25-May-2017/pcb-posts-huge-rs134-billion-loss

 

[Executioner]

PCB will have better revenue if they hosted Bangladesh instead of West Indies in the UAE.

#justsaying

 

[Savak]

And we have posters over here who mock the PCB for going to the BCCI with a begging bowl for $60 million which is rightfully the PCB's.

 

[JibranAnsari]

Wonder how many crores were spent on foreign tours of the pcb officials.

 

[Rafay Shafiq]

Poor financial management

 

[Kianig89]

This is inevitable its the jets and the thick tank at the helm then how can you be successful

Why not appoint a Profesional CEO who works with a vision and formulate strategy unlike pensioners Shehryar and Media goons :sethi

 

[Markhor]

Staggering, you can see why PCB are so desperafe to revive international cricket in Pakistan and play India. Too much money is also being misused, need to cut back on expenses of executives.

 

[Hamza_]

Wonder how many crores were spent on foreign tours of the pcb officials.

Basically this. Too much needless stuff, Poor planning and allocation.

 

[Blitz]

Very very miss-leading title.

The 1.34B loss is a cumulative figure if its from the balance sheet. This is basically the net profit/loss figure for the PCB over its ENTIRE HISTORY.

The fact they have made a profit on the P/L shows that business is still good. However, the real story is that that figure has dropped from 2.6m last year to 1m this. Questions need to be asked as to why that is, given the PSL is now in its second year, so should be more profitable.

The article does give an explanation, but that is a ridiculous answer. Statuary accounts should have a consistent policy from Prior Year to Current Year.

Do these buffoons get audited?

 

[Shafi]

Too many coaching staffs for no. 8 team for players like Shehzad, Azhar, Hafeez co. Should not more than 5 members. Head coach, batting, bowling, fielding and trainer. Ideally Micky should be sacked (disappointed as head coach) and Grant as head coach cum batting.

Also get rid of so many oldies from PCB but not exchange of Sarfraz N, Miandad, Latif co. They are even worse

Plus cut the wages of our players who not even worthy to get even half of our the salary

 

[Bhaijaan]

$1 million dollars from the PSL sounds terrible. Are the figures true.

 

[Sherlock]

$1 million dollars from the PSL sounds terrible. Are the figures true.

The supposed loss could be to do with the high security they had with the final in Pakistan and the various contingencies they planned.

 

[Savak]

People who are talking about cutting down pays, perks of foreign coaches, players have no idea what they are talking about. You want to attract the best talent, then offer pays above market rates.

What is truly needed is restructuring in the PCB, downsizing and getting rid of all the leeches in the Board who have been sucking us dry for the last 10-20 plus years with very little to show for it.

Keep the PCB lean, attract the best market professionals, offer them above market pays, perks, privilleges but have semi annual and annual appraisals

 

[Prince of Pakistan]

Poor governance will always keep the PCB in minus. By the way the PCB isn't the only institution in Pak suffering this fate.

I don't know if they have a governance code in Pak. Even if they had we all know how much things get implemented there.

 

[Bewal Express]

If you get rid of 90% of the admin and support staff, would it make any difference to the results of the national team, no chance. The PCB is a giant cash cow for the well connected.

 

[Arham_PakFan]

There are some employees of the PCB,who are paid high salaries,sent on foreign trips,yet they do nothing.These people deserve to be kicked out.

 

[Chrish]

All BCCI's fault..

 

[Saj]

And yet the money keeps on being wasted on foreign trips for PCB officials and for fully paid trips for some journalists.

Last year during the tour of England there were about 10 journalists from Pakistan who were being paid for by the PCB throughout the tour - flights, hotels, travel in UK, food etc etc.

 

[Savak]

And yet the money keeps on being wasted on foreign trips for PCB officials and for fully paid trips for some journalists.

Last year during the tour of England there were about 10 journalists from Pakistan who were being paid for by the PCB throughout the tour - flights, hotels, travel in UK, food etc etc.

Is this like a bribe from the PCB to these journalists?

 

[Gaur Sahab]

And we have posters over here who mock the PCB for going to the BCCI with a begging bowl for $60 million which is rightfully the PCB's.

But PCB like half a dozen other boards is set get $132 million from ICC, so whats the worry ? Also wasn't PSL meant to do an IPL, filling PCB coffers? If I correctly remember in the very first season Sethi Sahab claimed profit of $2.1 million which means PKR 21 crore rupees, so merrier times ahead.

 

[Snak3eye5]

The fact that PCB is being transparent and releasing these reports is still a positive. I would start worrying when we don't know if PCB is operating in the negatives and we are not hearing about it.

I don't understand why PCB paying for journalists trips. Shouldn't that sort of thing be self financed..??

 

[Savak]

The fact that PCB is being transparent and releasing these reports is still a positive. I would start worrying when we don't know if PCB is operating in the negatives and we are not hearing about it.

I don't understand why PCB paying for journalists trips. Shouldn't that sort of thing be self financed..??

Good Press and PR costs money