Pakistan Cricket Board lost revenue worth $47.22 million after the Indian government didn't allow Mahendra Singh Dhoni's men to tour the trouble-torn country for a Test series earlier this year, following the Mumbai terror attacks.
The accounts of PCB, scrutinised by the Auditor-General of Pakistan show that the board lost revenues of around $39 million from the cancelled series, which it would have earned from the sale of television rights.
The documents also show that the broadcasters who had television rights of Pakistan cricket had agreed to pay the amount for the series against arch-rivals India in January-February this year.
The board lost another $7-8 million, which it would have earned from sale of small sponsorships, the stadium advertising rights and the gate money receipts.
According to the document, PCB lost around $52 millionthis year alone from cancellation of the India series, shifting of the Champions Trophy to South Africa and its share of 14 matches of 2011 World Cup - all due to security reasons.
The PCB had estimated to generate extra revenues of around $5 million from sub-sponsors, stadium advertising and other smaller avenues from the Champions Trophy and World Cup matches.
ICC has agreed to pay the PCB just $750,000 as hosting rights of the Champions Trophy and another $10.5 million as hosting rights of the 14 World Cup matches that are now to be played in India, Sri Lanka and Bangladesh.
"The security situation has really hit our finances badly and the cancellation of the Indian tour was a major blow to us as it cost us a lot of money in estimated revenues," a PCB source told PTI.
He said that PCB Chairman Ejaz Butt was making efforts to convince the ICC and BCCI to now play a compensation series even at a neutral venue so that the Pakistan board could recover a major chunk of its losses.
"If India plays Pakistan even at a neutral venue our broadcasters are willing to pay us handsomely and we can recover these big losses," the source added.
Pakistan was one of the four co-hosts of the 2011 World Cup but the ICC earlier this year moved the matches out of the country due to security conditions there.
Security issues also prompted the ICC to relocate the Champions Trophy to South Africa that was to be held in Pakistan in September 2008.
The PCB has this year hosted two of its home One-day series against Australia and New Zealand in Abu Dhabi and Dubai but is yet to give details off the financial side of the series.
They have issued no official statement saying whether the board made any profit from these two series.
Butt, however, has informed the subcommittee of the National Assembly Standing Committee on Sports that the PCB had failed to make profit from both the series due to extra expenses involving in playing at a neutral venue.
Pakistan are presently playing a "home" Test series against New Zealand and will play another "home" Test series against Australia in England next year.