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Monday, May 20, 2024  
11 Dhul-Qadah 1445  

How dollar crisis comes as a blow to PSL8 franchises

Tournament is set to begin from February 13
Photo: AFP
Photo: AFP

The US dollar crisis is the talk of the town currently, and with Pakistan Super League (PSL) season eight just around the corner, it has a major role to play.

The recent price hike is not only affecting the day-to-day consumers but also the tournament like PSL, which involves dollars as foreign cricketers are part of it.

From players’ and broadcaster’s perspectives, the increase in price is a blessing in disguise, as they all are being paid in USD. However, it has become a headache for the Pakistan Cricket Board (PCB) and the Pakistan Super League (PSL) franchise owners.

At the time of filing this story, the dollar is being traded at Rs262.60 in the interbank after an increase of Rs7.17.

When the PSL8 draft was conducted in December 2022, the dollar rate was Rs225. And with the increase of 37.60, it is now causing a significant financial burden for the six franchises. It is unclear, whether, franchises will pay the players at the rate of 225, or they have to suffer like others with the price now hitting 262.60.

Just for perspective, in the PSL, Platinum players receive fees between $170,000 (over Rs44.6 million) and $130,000 (over Rs34.1 million), diamond $85,000 (over Rs22.3 million) to $60,000 (over Rs15.7 million) and gold $50,000 (over Rs13.1 million) to $40,000 (over Rs10.5 million), silver players $25,000 (over Rs6.5 million) to $15,000 (over Rs3.9 million) while emerging players will receive $7,000 (over Rs1.8 million).

Usually, 70 percent of the payment is made before the tournament and the remaining 30 percent after the event.

There is no logic of paying the Pakistan cricketers in dollars, and reportedly, the issue was also raised by the franchise owners before Najam Sethi but no resolution has been reached yet.

In 2021, except for the foreign cricketers and production, other payments were made in rupees, but, the board once again moved to dollars last year.

It is expected that the PSL season eight is already 30 percent more expensive than PSL7. And with the rate fluctuating, the expenses can increase.

Under the current circumstance, about, Rs8.2 million more, the franchise has to pay additional as compared to PSL7, to its platinum category player.

The eighth edition of the tournament will kick off from Multan on February 13, where host Multan Sultans will face the defending champions Lahore Qalandars.

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