Lahore, May 4 (IANS): The inaugural edition of the Pakistan Super League (PSL) held in February in the United Arab Emirates (UAE) fetched the Pakistan Cricket Board (PCB) an overall profit of $2.6 million.

Although the total profit dwindled as the PCB had promised to distribute around $1.9 million among the five franchises to cover their losses from the inaugural edition of the T20 tournament, PSL chairman Najam Sethi asserted on Tuesday that the tournament has been a success.

"But we have managed to make an overall profit of $2.6 million from the country's first ever Twenty20 league which is a healthy and encouraging sign for us," Sethi told the media here.

"Overall, the PSL was a bigger success than we initially expected and the profit is a welcome sign," Sethi added.

He said that around $6 million were earned from television rights and gate money.

Sethi said the success of the tournament also helped in increasing the brand value of the franchises. He referred to the Quetta Gladiators, which was brought for an annual sum of just $1.1 million but was now valued at around $2 million

The PSL czar also said that the PSL would soon be registered as a company with the PCB as its owners. He said it was his dream to have some matches of the PSL's second edition in Pakistan.

The inaugural edition of the tournament was won by the Islamabad United franchise led by Pakistan Test captain Misbah-ul-Haq and coached by Dean Jones and Wasim Akram.