PCB adopts ICC's new Financial structure
The Pakistan Cricket Board has agreed upon new funding model proposed by ICC which will result board earning twice it's current earning.
Crickate
The Pakistan Cricket Board (PCB) has consented to the International Cricket Council's (ICC) proposed funding model, which will result in the board receiving more than double its current income. The decision was made during the ICC meeting and annual conference conducted from 10 to 13 July in Durban, South Africa, where the PCB delegation discussed a variety of topics.
The "Financial and Distribution Model 2024-27" of the International Cricket Council (ICC) intends to invest the most money ever in international cricket, providing a significant opportunity for the sport to flourish and grow. When determining the distribution portion among members, the method takes into account both on-field and off-field performance factors, such as cricket rankings, success at ICC tournaments, and financial contributions to ICC.
In light of this development, the PCB sought additional information and clarification regarding the rationale behind the allocation of weighting to each criterion and the calculation of distributions. The PCB proposed delaying the decision until the next ICC meeting out of concern over the lack of comprehensive information, data, and formulas.
However, the majority of members felt that delaying the decision was not possible and voted in favour of enacting the model. While acknowledging the majority's decision, the PCB expressed its principled disagreement.
According to a statement released by the PCB, the new financial model acknowledges the team's performance in ICC events and bilateral cricket, as well as the board's large supporter base, resulting in substantial commercial value. Consequently, the PCB's share of revenue will more than double compared to the previous cycle, allowing for greater investment in developing cricketing abilities and propelling Pakistan Cricket to greater heights.
According to The News, "Team performance in men's ICC events and bilateral cricket, as well as the PCB's own large fan base, which generates significant commercial value," placed the PCB among the top four nations in this model.
India is anticipated to receive 38.5% of the anticipated revenue, while Australia and England will receive 6.25 and 6.89%, respectively. ESPNcricinfo reports that the $3 billion TV rights agreement for the years 2024 to 2027 will likely generate the majority of Pakistan's estimated 5.75 percent share of ICC earnings.
PCB chairman Zaka Ashraf also discussed the forthcoming Asia Cup 2023 schedule
Notably, during the ICC meetings, PCB Chairman Zaka Ashraf held multiple meetings with officials from other cricket boards, concentrating on collaborations and programmes aimed at cricket development and growth that would be mutually beneficial.
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Moreover, on July 15, the PCB and Asian Cricket Council (ACC) officials met to finalise the Asia Cup 2023 schedule, logistical arrangements, and marketing campaigns. The verified schedule is anticipated to be announced later this week, generating anticipation among cricket fans.
With the ratification of the ICC's new financial model, the PCB stands to gain significantly more money, allowing for greater investment in the sport and giving Pakistan Cricket the opportunity to accomplish great things.
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