Your excitement is heartening, but you need to understand that these hiccups are part and parcel of franchise cricket. When private investors are involved and millions of rupees are at stake, you will have such road bumps. BCCI is the most well-run cricket board in the world, but they had to terminate ownership rights of Deccan Chargers as well. On the other hand, you have Cricket South Africa who have made several unsuccessful attempts to launch their league.
The fact that this has happened with one franchise only is testament to the fact that PCB has done a very good job with the PSL as far as the organisation is concerned. Whatever the problems are with the PSL are largely down to the constraints that the country is subjected to, and not necessarily PCB's fault. The biggest issue of course is that it is not hosted in Pakistan, and there is nothing PCB can do about it other than severely compromise the quality of the players on the roster which is not a great idea by any means.
We need to understand that whatever PSL is today is largely down to Sethi. He built the brand and put the idea into practice. The PCB was going nowhere with the PSL concept but Sethi made it happen, and considering the complications, he has done an excellent job.
As far as why the issue was not resolved quickly, again, we need to have some perspective. You cannot terminate ownership overnight - we do not know what was the deadline for the payments and we also need to take into consideration that Sethi resigned in August. That must have also delayed the process.
Mani's lousiness cannot be deflected with this. He invented a problem that did not exist by making Mohsin Khan the Chairman of a Committee. I do not blame him for forming a team of advisors in the first place considering he is probably out of touch with the game and the domestic setup, but there is no excuse of putting Mohsin Khan in charge.