Ali Tareen, owner of Habib Bank Limited (HBL) Pakistan Super League (PSL)’s franchise Multan Sultans has responded to the issue regarding team’s annual franchise fee.
It was reported earlier that the Multan Sultan participated in the fourth edition of PSL without depositing the mandatory franchise fee.
While taking it to social media, Ali Tareen clarified the Multan Sultan’s franchise fee issue.
In a tweet he wrote: Regarding article stating MS yet to pay franchise fee: As the team was bought so close to the start of PSL, PCB asked us to pay a portion upfront & the remainder after the tournament. We have already given cheques for the remaining amount to the PCB.
Previously, PCB had terminated franchise agreement of the Multan Sultans, before the beginning of the fourth edition.
The termination was carried about due to the franchisee’s inability to meet its financial obligations under the Agreement.
In the new bidding process, that followed, the PCB had set the reserve price at $5.21 million per annum for a period of seven years.
This reserve price had exceeded by the Ali Tareen-led group. The new owners also decided to continue with the same name for the franchise, that is Multan Sultans.
It was reported earlier that the Multan Consortium, led by Ali Khan Tareen had won the franchise rights for the ‘Sixth Team’ of HBL PSL, did not pay the annual amount of $6.35 million to the Pakistan Cricket Board (PCB).
According to league rules and regulations, every franchise is required to deposit the annual franchise fee before the start of the season.
Reportedly, more than four months have passed, since the final of HBL PSL4 on March 17, but the PCB is still awaiting payment from the Sultans, to which Ali Tareen has now clarified.