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The upgradation price of the stadiums has shot up by over 5 billion Pakistani rupees.© PCB
As Pakistan gears as much as welcome worldwide groups for subsequent week’s Champions Trophy, the nation’s cricket board can be reportedly making contingency plans to handle its funds after the price of reconstruction and upgradation of its stadiums shot up by over 5 billion rupees (approx USD 20.4 million). The unique estimated price range for the renovation of PCB venues in Karachi, Lahore and Rawalpindi was 12.3 billion Pakistani rupees (approx. Rs 383 crore), which has now gone as much as 18 billion rupees (approx. Rs 561 crore). The event begins february 19 with India enjoying all their matches in Dubai from February 20.
The PCB’s Board of Governors (BOG) has authorized the extra price. The board’s chief monetary officer has additionally been given approval for an overdraft of three to six billion rupees (if required) for the present fiscal 12 months price range.
The report, quoting paperwork from the BOG assembly, mentioned the administration has agreed, in precept, to safe exterior money overdraft amenities within the quantity of three billion to 6 billion to assist any sudden further funding necessities.
The paperwork additionally reveal that within the final fiscal 12 months, the board had reserves of roughly 26 billion rupees.
However the board needed to promote out the published rights and others for the subsequent three years (2024-26) for 1.70 billion rupees, which was lower than its reserve value of round billion plus initially quoted by the PCB.
The PCB can even generate revenues after this 12 months’s Pakistan Tremendous League by including two extra groups to the league whereas its 10-year contracts with the present franchises additionally ends this 12 months and will be renegotiated.
Since its creation the PCB has been a self-supporting sports activities physique in Pakistan not depending on any funding from authorities and has by no means complained of any severe monetary crunch.
(Apart from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)
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