The Pakistan Cricket Board (PCB) has reportedly lost ₹869 crore by hosting the recently concluded ICC Champions Trophy.

According to a report by Telegraph India, PCB spent about $58 million to renovate the three stadiums that hosted the Champions Trophy matches—Lahore, Karachi, and Rawalpindi. The upgradation of the stadiums resulted in a 50 percent cost overrun.

The cricket board also spent an additional $40 million to prepare for the multi-nation event.

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However, the revenues from hosting the tournament were minimal. PCB reportedly received only $6 million as part of the hosting fee. The earnings from ticket sales and sponsorships were also negligible.

As a result, the PCB has suffered a loss of almost $85 million, according to the report.

Players to pay the cost

Given the scale of the losses and the already precarious state of finances, the cricket board has decided to reduce the match fees for the national T20 championship by 90 per cent.

Players were accommodated in economy hotels instead of 5-star hotels.

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The Pakistani newspaper Dawn reported that the PCB had reduced the match fees from ₹40,000 to ₹10,000, but the board’s chairman intervened and directed the domestic cricket department to “reassess the matter”.