The Pakistan Cricket Board said on Saturday it estimated financial losses of $10.5 million following the International Cricket Council [Images] decision to shift the 2011 World Cup matches from the country.

"We lose out on earning the hosting fees of the matches...the ICC [Images] pays out the host country $750,000 for each match," Saleem Altaf, chief operating officer of the board told Reuters.

Pakistan was scheduled to host 14 matches including one semi-final of the World Cup after the ICC awarded the tournament to Pakistan, India, Sri Lanka [Images] and Bangladesh.

India got the lion's share of matches as it is scheduled to host 22 games, including the final, with Sri Lanka hosting nine games and Bangladesh six, including the opening ceremony.

On Friday the ICC executive board decided to shift the World Cup matches due to the security situation in Pakistan.

Altaf said that being stripped of the World Cup matches was a setback for Pakistan cricket, adding that financial losses could be greater.

He said Pakistan has already lost a lot of estimated revenues due to cancellation of tours by Australia [Images] and India last year.

The Champions Trophy [Images] was to be held in Pakistan in Sept-Oct last year but the ICC relocated the eight-nation event to South Africa [Images].

Sources in the PCB marketing department told Reuters the combined loss of estimated revenues since last year is around $40 million.