The Pakistan Cricket Board (PCB) on Wednesday stated that it has presented a fresh financial draft to the Pakistan Super League (PSL) franchises.
The negotiation process between the two parties, aimed to resolve the crisis emerging from the financial model, got underway on Wednesday.
According to a press release by the PCB, the proposal has been put together at the behest of the franchises who requested for the exploration of a more equitable model.
"Both sides agreed to delve deeper into the proposed model with their respective financial and operational teams over the coming weeks and aim to resolve outstanding concerns and find a mutually beneficial position as soon as possible," the PCB stated.
PCB stated that the talks were held in a positive and constructive manner.
The tournament's financial structure has come under question since its inception in 2016.
The sides have not managed to breakeven whereas the inclusion of the sixth team — Multan Sultans — have cut everyone’s share from the revenue pool.
The PCB had claimed that the participating teams would be able to break even when the tournament is fully staged in the country as it will be less expensive than organising it in the United Arab Emirates.
The teams had filed a collective petition in the Lahore High Court (LHC) in which they claimed that the country’s premier T20 competition is making the PCB richer whereas the franchises are suffering losses every season.
They pleaded with the court to direct the cricket governing body to address their grievances and revise the model according to the mandate and make it financially feasible.
However, the two parties have agreed to settle the matter out of court last Thursday.