'Absolutely rubbish' - PCB denies financial loss in Champions Trophy but what’s the real picture?

The Pakistan Cricket Board (PCB) has strongly denied the Indian media reports claiming that it suffered a massive financial loss while hosting the ICC Champions Trophy 2025.

“These reports are absolutely rubbish,” a senior PCB official told Nukta. “PCB has incurred no loss for hosting the Champions Trophy. This is propaganda against Pakistan.”

Reports from the media in the neighboring country, primarily Telegraph India, suggested that PCB suffered a major financial setback, with losses exceeding $85 million. They labeled the tournament a "billion-rupee bonfire," with alleged excessive spending on stadium upgrades, operational costs, and logistical failures.

The PCB, however, has rejected these claims, asserting that all operational expenses of hosting the Champions Trophy were covered by the ICC’s $70 million event budget approved at the governing body’s annual general meeting (AGM) held in Colombo last year.

Fans during the opening match of ICC Champions trophy between Pakistan and New Zealand at National Stadium KarachiICC

“The PCB did not spend any of its funds on hosting the tournament, so how can it be our loss when we did not bear any expense?” the official added.

Financial loss or a long-term investment?

While PCB stays confident in its financial standing, there is no denying that the board undertook significant expenses ahead of the tournament. The biggest expenditure came in the form of stadium renovations as the Board of Governors (BoG) had approved PKR 13 billion plus an additional PKR 5 billion as contingency for upgrading the Gaddafi Stadium Lahore and National Stadium Karachi.

The PCB labelled it as a long-term investment rather than an immediate financial hit off the mega event. “The last major renovations happened in 1996, and this was a long-overdue investment for the future. This cost should not be mixed with Champions Trophy 2025 expenses,” the official said.

These upgrades were financed from PCB’s in-house revenues, and not through taxpayer money or ICC funding. The board had financial reserves of over PKR 20 billion as per their last financial statement (2023) and an income of PKR 3 billion generated in that year.

If the cost of the stadiums’ upgrade is deducted from the PCB’s balance and a similarly generated income is added for the last 1 1⁄2 years, their current reserves are estimated to be around PKR 6.5 billion.

Despite PCB’s insistence that these upgrades were necessary, it will take more than just partially hosting one ICC event to recover the cost. Critics argue that such heavy spending could have been better managed, especially given the board’s limited revenue streams.

Unlike other major cricketing nations, PCB does not benefit from high-revenue bilateral series with India or get commission from having a FTP window for the Indian Premier League (IPL), which significantly boost other boards’ incomes.

PCB confident with financial health

The PCB received $6 million from the ICC as a standard hosting fee, which is separate from earnings generated through gate receipts and hospitality sales. The exact revenue from ticket sales and sponsorships has not been disclosed yet.

With such large expenses, there has been growing speculation about the impact on PCB’s financial reserves. However, the board has remained confident yet tight-lipped about its current financial standing.

Pakistan team during the national anthem in their Champions trophy match against India in DubaiAFP

"As is always the case with any multinational organization, we cannot reveal details on our current finances,” the official told Nukta. “However, I would like to state that the PCB is financially stable, and there are no concerns despite efforts by certain groups to portray a negative image of Pakistan cricket.”

The road ahead

With significant expenditure and limited revenue streams, PCB must now focus on financial recovery. Strengthening Pakistan’s cricketing brand, growing Pakistan Super League's (PSL) global footprint, securing additional sponsorships, and maximizing revenue from upcoming international fixtures will be key.

The stadium renovations, while costly, could bring long-term benefits if PCB can successfully position Pakistan as a reliable host for future ICC events. Additionally, ensuring a thriving domestic cricket structure and attracting lucrative broadcasting deals will be crucial for financial stability.