LAHORE: The Pakistan Cricket Board (PCB) has submitted its reply to the Lahore High Court (LHC) against a writ petition jointly filed by the six franchises of the HBL Pakistan Super League (PSL), seeking a new financial model of the league.
The LHC will hear the case on Wednesday as both the parties will present their case before the Honourable Justice Sajid Mahmood Sethi.
Last week, the owners of the franchises moved the Lahore High Court (LHC), filing complaints that the PCB has failed to introduce a new financial model of the league and the franchises are constantly facing losses.
It maybe mentioned here that for the last three years the issue of the new finance model has remained a matter of serious debate between the PCB and the franchises.
Though the PCB was ready to solve the matter after preparing a model, which it claims was made in the last meetings of the high-up held in Nathiagali, they were delayed in discussing it with the owners who had already prepared a writ petition, preferring to take the legal route to settle the matter once and for all.
The HBL PSL has earned a big name in the world of cricket but according to the franchise owners, they are bearing huge losses while the PCB is reaping the profits under to the old financial model and, therefore, they want it reviewed and redesigned.
The PCB had set Sept 25 for the franchises to deposit the bank guarantee money for the next edition of the PSL 2021, but they did not meet the deadline and have gone to the High Court.
To date, the PCB has not prepared the profit and loss accounts of the last PSL V edition and the franchises have taken this stance that until that account is settled, they will not deposit the bank guarantee money for the next season.