Lahore: The Pakistan Cricket Board (PCB) Thursday claimed that it is set to earn approximately $10 million as profit by hosting the Champions Trophy, where the Indian team emerged as champion.
PCB spokesperson, Aamir Mir and Chief Financial Officer (CFO) Javed Murtaza addressed media following reports that Board had suffered financial losses by hosting the ODI tournament and spending enormous amounts on upgrading stadiums in Karachi, Lahore and Rawalpindi for the event.
“All expenses for the tournament were covered by the ICC,” Mir said adding that the PCB generated revenue through gate money and ticket sales.
“Additionally, after the audit, we expect to receive another Rs 3 billion from the ICC,” he added.
He also claimed that PCB had initially targeted Rs 2 billion in earnings from the Champions Trophy, but they surpassed this goal.
He also claimed that the PCB’s total revenue for the 2023-24 fiscal year reached Rs 10 billion—a 40% increase from the previous year.
“With this financial strength, PCB now ranks among the top three richest cricket boards in the world,” Mir said.
“The board has also paid Rs 40 million in taxes,” he added.
Murtaza added that PCB chief Mohsin Naqvi played a key role in revising the fiscal targets, showing active involvement in improving the board’s financial performance.
He said that the PCB had several financial investments and that the budget for stadium upgrades was set at Rs 18 billion.
For Phase one of the project, Rs 12 billion was allocated, and Rs 10.5 billion has already been spent, he said.
“The remaining funds will be used to further improve these and other stadiums, including those in Karachi, Faisalabad, and Rawalpindi,” said Murtaza.
The CFO said that the PCB had completed major renovations in just four months, ensuring that venues now meet international standards.
“After 29 years, a major stadium upgrade project was undertaken, which was a significant task,” Mir added.
Talking about the reduction in salaries of domestic men’s and women’s players, Mir said Chairman Naqvi had reversed the decision to cut their salaries.
Regarding the PCB’s absence from the final stages of the ICC Champions Trophy, the officials said they are still awaiting a full explanation from the ICC.
Murtaza said very soon the PCB would make available all its financial details relating to the Champions Trophy on the Board’s official website for transparency.
PTI
