The Pakistan Cricket Board (PCB) announced on July 17, 2023 that there will be an increase in PCB revenue going forward. The announcement revealed that more than twice revenue will flow into PCB’s coffers after the latest International Cricket Council (ICC) new financial model review.
A statement from the PCB read:
“Consequently, due to the Pakistan cricket team’s performance in men’s ICC events and in bilateral cricket, the PCB’s own huge fan-base, which leads to significant commercial value, the PCB was ranked among the top-four nations in this Model…As such, the PCB will receive more than two times the revenue when compared to the last cycle.”
Pakistan has been in strong opposition to the new financial model for some time. However, the PCB officials had no choice than to assent to this new model at a recent meeting. Other comments in the statement also sought to express Pakistan’s readiness to generate more revenue through the Asia Cup 2023:
“The finalized schedule is likely to be announced during this week…With the opening match scheduled to kick off in Pakistan, the PCB, as the event host, looks forward to welcoming cricket fans from across the world to experience Pakistan’s renowned hospitality.”
Where Did the ICC Financial Model Unveiling Take Place?
The ICC Board and Committee meetings held in Durban, South Africa between July 10 and 13, 2023. Also, the Annual ICC Conference took place at this location during the same timeframe. The PCB delegation at these meetings contributed to and witnessed new models designed to favor participating nations.
Some of the common resolutions at these meetings bordered on giving equal prizes to men and women teams at ICC competitions. The meetings also gave birth to the ICC Financial and Distribution Model 2024 – 2027. Other events at the conferences include Amendments to ICC Sanctioning Regulations and Modifications along with over rate sanctions in Test games and more.
What is in the New ICC Financial Model?
The ICC model for financial distribution aims to pour in larger investments into global cricket. It also provides a better opportunity for cricket to develop as a sport and gain a global reach to more audiences.
The model critically consider on-field and off-field performances of participating teams at all ICC events. It also closely considers cricket rankings, commercial contributions, and other alternative metrics to determine financial distribution.
PCB officials at these events have sought extra details about the new model to understand its distribution and weighting criteria. Such information was crucial to the recent PCB announcement after all fine details became clear. PCB officials sought information about these elements and recommended a halt to the decision if they were not satisfied.
However, the PCB reluctantly agreed to the decision when other participating members found a halt or postponement infeasible. Majority of members at the meeting voted in favor of getting the ICC new financial model passed.
Why Did the PCB Agree to the New ICC Model?
PCB officials ended up being satisfied with the decision when metrics showed they will be in the top 4 earning nations. Pakistan has one of the largest cricket fan bases; a squad with talented players in both male and female competitions, and other metrics.
The PCB’s massive fan base is a huge source of revenue for ICC in male and female competitions. Pakistan’s huge fan base provides tons of revenue-generating options and is of great commercial value to the ICC.
Team squads also attract revenue from participating in regional and international competitions. Such considerations now mean the PCB will receive more money. They (PCB) will receive at least twice the revenue from their last cycle.
How Will the ICC New Financial Model Affect PCB Revenue?
PCB revenue will grow at least two-fold after the recent ICC new financial model was announced. Pakistan is one of cricket’s biggest nations and will see an increase in revenue as one of the sport’s superpowers.
Is There Any Pushback to the New ICC Financial Model?
There is immense pushback from other participating nations to this new ICC financial model. Associate members like Vanuatu Cricket Association (VCA) have come out to express their dissatisfaction concerning the new sharing formula. VCA chair Tim Cutler held no punches at a recent interview when asked about the ICC new financial model:
“The sad reality is, cricket will not grow beyond its current corners of the world … if the allocation of the game’s global funds aren’t more equally allocated with a view to actually growing the game,”
