Sethi wants PSL reg­is­tered as an in­de­pen­dent en­tity

Pakistan Observer - - SPORTS -

IS­LAM­ABAD—Pak­istan Su­per League (PSL) Chair­man Na­jam Sethi wants PSL to be reg­is­tered as an in­de­pen­dent en­tity so as to cut down on hefty taxes paid by the Pak­istan Cricket Board (PCB) and the fran­chises.

Sethi who is also head of the cen­tral ex­ec­u­tive com­mit­tee PCB, made a bid to reg­is­ter PSL as an in­de­pen­dent en­tity.

Sethi took up the case with the fi­nance min­istry, but the ne­go­ti­a­tions fell through, the only con­ces­sion was the over­seas play­ers get­ting a tax- free salary.

“The idea is to make it a non-profit (body), regis­ter­ing it as sep­a­rate com­pany, to al­low PCB to re-in­vest the net profits into de­vel­op­ment of cricket,” ESPNcricinfo quoted Sethi as say­ing.

He said right now it is still in the pipe­line and may not be an easy task.

“Although we sought seed money from the PCB bud­get for the first edi­tion, we will have our own bud­gets from next year. We thought it will be a PCB-owned com­pany but ab­so­lutely in­de­pen­dent, and what­ever money PSL makes it will go down into de­vel­op­ment which will be ex­empted from tax,” he said.

He said the PCB is con­sid­er­ing the prospect of adding another team to PSL with the pos­si­bil­ity of the sixth team be­ing named Kash­mir, af­ter the prov­ince of Azad Kash­mir in Pak­istan.

How­ever, ac­cord­ing to a con­tract signed between the PCB and the fran­chises, the num­ber of teams can­not be in­creased un­til the third edi­tion. “We will not have [a new team] un­til the third year that is writ­ten,” Sethi con­firmed.

“But at the same time we are look­ing at the fi­nan­cials about the ad­di­tion of a sixth team, in terms of whether it will be Kash­mir, Faisal­abad, Sialkot or Gil­gitBaltistan or any other team. We have to weigh up the pros and cons and with­out the fran­chises con­sent we can’t make it.”

He said we have to of­fer guar­an­tee to the teams that they will be bet­ter off by hav­ing a sixth team and have to con­vince them.

“I have my team work­ing on dif­fer­ent val­ues and es­ti­mated profits and rev­enues be­fore pitch­ing this idea to them but this idea is def­i­nitely un­der con­sid­er­a­tion. Ba­si­cally the ad­vice from our fi­nance depart­ment is that this is the high time to add sixth team as the val­ues are very high at this stage be­fore the sec­ond edi­tion.

“We have to cash in the hype we have created from the first edi­tion,” he said.— APP

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