LAHORE: Pakistan Cricket Board (PCB) announced Wednesday that it has given a formal approval to make Pakistan Super League (PSL) a private limited company.

The decision was taken during a meeting of the national cricket board’s governing body.

PSL Chairman and PCB’s Executive Committee Chairman Najam Sethi, while confirming and giving details of the decision said that PSL would remain a part of PCB and a partner in profit.

“As per law, all the administrative matters of PSL – now a private limited company – would be looked after and controlled by the country’s cricket board,” he said, “at least three members from PCB and two private members would be part of the committee for PSL as a company.”

PSL chief earlier revealed that Pakistan had demanded monetary compensation from Board of Control for Cricket in India (BCCI) and International Cricket Council (ICC) for damages after Delhi’s refusal to play the scheduled series.

Earlier, PCB Chairman Shahryar Khan, while speaking about the second season of PSL taking place in 2017, said that the league represents Pakistan on international forums.

Referring to PSL Chairman Najam Sethi’s statement saying the T20 league would become an independent entity, separate from the PCB, Khan said that the board itself gave permission for this to happen.

“The league authorities feel that they will enjoy more freedom as an independent company as they will be able to take administrative decisions on their own. They can certainly do that as long as there are no violations of PCB rules. This decision was made by the Board of Governors,” he said.