Audit reveals PCB lost millions in the first two PSL seasons

Audit reveals PCB lost millions due to irregularities in the first two PSL seasons

The Pakistan Cricket Board PCB suffered huge losses as PCB lost millions of rupees, due to irregularities, during the first two seasons of the Pakistan Super League PSL, reveal a special audit report.

According to Dawan, the report, which presents to the National Assembly of Pakistan on Monday, PCB lost Rs 248.615 million for paying excess PSL excess compared to the agreed portion of the central group.

Granting irregular compensation to franchisees forced him to incur a loss of Rs 54.49 million.

The audit report, for the year 2017-18, talks about irregularities in payments and the impossibility of recovering franchisees, advance payments to sellers, TA/DA to journalists and board members.

Besides, he claims that PCB did not recover R$32.05 million from the franchise and that the lack of estimate of the cost of production of PSL 2 final resulted in excessive spending.

He also accused PCB of unauthorised and illegal transfers of PSL funds to third-party bank accounts outside the country.

The inability to auction commercial transmission rights has also resulted in a loss of Rs 13 million.

PCB had given its reasons, but the auditors rejected their explanations, the English newspaper reported.

Read MoreHilarious memes on Virat Kohli and Anushka Sharma goes viral