Pakistan Cricket Board chairman Ramiz Raja has said he was misquoted on his comment about the Indian Premier League (IPL) saying "I know where the economy of India is and where is Pakistan's".

He said: "We have plans to improve the PSL. We will bring in the auction model but I was misquoted on the other part," where he was reported to have told  ESPNcricinfo, "If we take the PSL to auction model, increase the purse, then I'll put it in the IPL bracket. And then we'll see who goes to play the IPL over the PSL." 

"We need to create new properties to be financially independent. We have nothing for now but the PSL and ICC funds. There's an argument over the model from next year; I want to switch it to an auction model from next year. The market forces are conducive, but we'll sit down with the franchise owners to discuss it, Raja said in the interview. 

"This is a game of money. When the cricket economy grows in Pakistan, our respect will rise. The main driver of that financial economy is the PSL. 

The comment was made just before the start of the 15th season of IPL and at a time when the Board of Control for Cricket in India (BCCI) was about to float the tender for the media rights of the next five-year cycle of IPL, which is expected to rake in astronomical figures for the Indian board.

Raja told Cricbuzz that he was misquoted in the interview and that he is quite aware of the difference between India's and Pakistan's economies.

"I was misquoted," Ramiz said. "I know where the economy of India is and where is Pakistan's".

PSL 2022 ended in February with Lahore Qalandars beating Multan Sultans in the final to win their maiden Pakistan Super League title.