PSL all set to become private limited company

KARACHI: In an attempt to introduce corporate culture in Pakistan cricket, the PCB’s board of governors on Tuesday approved the Pakistan Super League (PSL) to become a private company, registered separately with SECP.

The decision was taken in PCB’s Board of Governors meeting held in Lahore on Tuesday.

However, despite being a private company, the PSL will still be maintained and oversee by the board as majority of PSL board members will come from PCB.

“It will remain 100% under the control of PCB, and will operate under the control of PCB. It will have PCB directors in majority which will give automatically control to the Pakistan Cricket Board,” said Shahryar Khan, chairman of PCB.

“PSL will not get out PCB’s overseeing,” he insisted.

Najam Sethi, the current head of PSL and also one of PCB’s nominee as the director to the “new company”, added that making PSL a private company would give franchises more say and it will also make PSL more transparent.

“Be assured that it is not going out of anywhere away from PCB’s control, PCB’s interest will be protected,” said Najam Sethi.

He announced that after a slight change in SECP rules, the company will now have three directors from PCB, two from outside and two ex-officio members from the cricket board as well.

“From PCB I am one of the nominated directors as I am already overseeing PSL affairs,” said Sethi who is also the chairman of PCB’s executive committee.

“Shakil Sheikh and Mansoor Masood Khan are also nominated by the PCB to represent interests of regions and departments respectively. While Arif Habib and Zia Rizvi will be independent directors,” he added.

PCB’s COO and CFO will be ex-officio members of PSL board. One of the PCB directors will be CEO of the company while one of the independent directors will be company’s chairman.

Although, according to Sethi, the positions of directors are yet to be finalised but sources in the board believe that Arif Habib is likely to become the chairman and Najam Sethi to become the CEO of the newly formed company PSL private limited.