Karachi Kings have suffered significant financial loses during the first two seasons of Pakistan Super League (PSL), an audit report reveals.
According to the report, the franchise suffered loses of Rs. 117 million in the first and Rs. 60.8 million in the second edition of the league.
In the first season, Kings’ annual income was Rs. 220 million which increased to over Rs. 390 million in the second season of PSL.
Karachi Kings received Rs. 129 million from the central pool and another Rs. 216million from the sponsorship deal.
From this amount, the franchise made the following expenditures:
- 425.2 million annual fee
- 0.2 million advisory fee
- 4.8 million for hotel rent
- 3 million to team management
- 10 million for advertising
- 0.2 million for media
- 4.6 million for brand equitation
- 15 million for promotions
- 1.3 million for other expenses
Collectively, the franchise suffered Rs. 117 million in damages in the 2016 edition.
Likewise, in the second season of the league, Karachi Kings got Rs. 118.6 million from the pool, Rs. 395.1 million from sponsorship deal and Rs. 2 million from other sources, which totals to be Rs. 516.6 million.
The franchise made following payments from this amount:
- 299.2 million for the annual fee
- 201 million for match fee
- 2.5 million for kits
- 52 thousand for hotel
- 0.5 million for insurance
- 19.8 million for salaries
- 1.6 million to team management
- 37.8 million for advertisement
- 25 million for promotions
- 2.2 million for media
- 3.9 million for brand equitation
- 3.1 million in other expenses
Via: Cricket Pakistan