New offer too high for existing PSL owners’ comfort

RAWALPINDI: The Pakistan Super League (PSL) franchise owners, who were offered fresh contracts for the next decade following the completion of the valuation process, are weighing options as they say the new value is too high (in most cases) and unrealistic.

Well-placed sources in contact with the PSL franchise owners say that the increase of 200 percent is too high to be honoured as he expects the PSL Management to reconsider it in the best interest of the brand.

“We were expecting around a 25 to 30 percent increase, as was the understanding at the start of PSL, ten years back. The fresh valuation has surprised us. The fresh value has gone beyond our expectations. I don’t know about others, but for us, meeting this new offer would be too difficult. I hope and expect that all the stakeholders will be invited to a meeting to settle the issue. It will be in the best interest of the PSL’s future,” one of the close associates of a leading PSL franchise said.

Multan Sultans are the only PSL franchise that has not received any fresh offer, while all five other franchises got the package, honouring which would ensure them a fresh contract for the next ten years. Besides the existing five, three others would be picked to make the 11th edition an eight-team competition. Multan Sultans’ fate still hangs in the balance and largely depends on the outcome of the owner’s relations with the PSL Management.

“Admitted that by the addition of two more teams, the future PSL canvas will spread, but at the same time, the cost would go higher and profit would be lower. From the 11th edition onward, the profit will be distributed among eight franchises, instead of six, thus the share would go down. I don’t think the valuation process could justify this unrealistic increase. And more matches also mean higher expenditures on all fronts.”

This correspondent has tried to get PSL Chief Executive Officer (CEO) Salman Naseer’s point of view, but to no avail. The details gathered by The News revealed that an owner who invested around Rs 150 million to pick a team ten years back has been offered a fresh deal of Rs 450 million and around for the next ten years.

“That fresh prize is beyond expectations. Hopefully, a more realistic approach will be followed before the December deadline. We are all stakeholders and want PSL to flourish with each passing year. I think we should realise each other’s limitations before expecting something beyond capacity.”

The source close to a well-reputed franchise, however, hoped that things would settle down. “We expect that better sense will prevail and hope that the more realistic approach will follow.”

When one of the leading PSL franchise owners was approached, he refused to share any information, considering that a fresh offer was on the cards. “We are waiting for the next communique,” he said.