The Pakistan Cricket Board lost $40m after the cancellation of India's tour, PCB chairman Ijaz Butt has said. Butt told the Pakistan Senate's committee on sports that the PCB's finances were in a "terrible shape".

The Pakistan Cricket Board lost $40m after the cancellation of India's tour, the PCB chairman Ijaz Butt has stated

Butt told the Pakistan Senate's committee on sports that the PCB's finances were in a "terrible shape" after India pulled out of this month's tour after the Mumbai terrorist attacks, although Butt said he hoped the Indians would visit in the near future.

Sri Lanka have agreed to step in but Butt said the series of two Tests and three ODIs would raise just $500,000. He continued "We suffered a loss of at least $40m while on the other hand India lost four times more than us.

"The Sri Lanka series would help us generate just a small amount, but we do hope that the Indian cricket team tours Pakistan in the near future."

Butt said the board's reserves had fallen from $42m to $19m in the two years up to him taking over as chairman in October last year.

India were due to arrive in Pakistan on 4 January for three Tests, five one-day internationals and a Twenty20 match, but the Indian government refused to send a touring side after blaming the attacks on Pakistani nationals.

Australia pulled out of their scheduled visit to Pakistan in March last year, and the ICC Champions Trophy due to be held in the country last September was postponed.

During their November tour, England had lost all five of their one-day games against India before the Indian cricket board cancelled the final two one-day internationals in the wake of the attacks.

England returned to India in December for two Tests but were hammered in the first and drew the second.

Sri Lanka have agreed to use a window in their two-legged tour of Pakistan to host five one-day internationals and a Twenty20 fixture against India in February.