Raising a million: Imran Khan
By Natalie Graham
Imran Khan, 58, who grew up playing cricket in Lahore, Pakistan, played his first international match in 1971. In 1972, he studied at Oxford university, where he was a contemporary of Benazir Bhutto.
He went on to play cricket for Pakistan until 1992, captaining the team to World Cup victory in that year.
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My first million More columns about how the wealthy manage their money
In 1994, he established the Shaukat Khanum Memorial Cancer Hospital & Research Centre in Lahore.
Khan founded his own political party, the Tehreek-e-Insaf, (Movement for Justice), in April 1996. Just published is his new memoir, Pakistan: a Personal History.
He has a family home in Lahore but lives in a farmhouse in Islamabad. Khan was formerly married to Jemima Goldsmith, and has two sons, aged 12 and 14.
Did you think you would get to where you are?
I always had these huge dreams, bigger than anyone elses. When I was nine I watched my first cousin score 100 runs against England in Lahore, and I decided to become a Test cricketer. It was never a question of if. I never entertained the thought that I would not succeed.
I was 33 when my mother died. That is when I decided to build a hospital. I never realised how difficult this task would be until I got into it, but cricket had taught me one thing: to never give up.
When you realised that you had raised your first 10 million rupees were you tempted to slow down?
It took me one year to raise 10 million rupees, when I was about 38. How could I slow down? I had to raise 700 million rupees to build the hospital. This I achieved by having charity shows and events all over Pakistan and across the world. The hardest sum to raise was the first 10 million rupees, and the easiest was raising the last 10 million.
As I was at the peak of my cricket career, I had a lot of pulling power in terms of events such as celebrity dinners. I donated as much as I could personally. My biggest prize money from cricket was winning the World Cup in 1992. The total amount was £90,000. I gave all of that to the hospital, and 15-20 per cent of my subsequent earnings.
Seventy-five per cent of the patients are treated for free. We were able to raise money towards these treatments by receiving zakat. This is when ******* donate two-and-a-half per cent of their annual wealth to the poor. It is a religious duty, but only for those who can afford it.
Is it easier to attract funding today?
Now the hospital is so well established it is the most respected blue-chip charity. The credibility and the many achievements of the hospital attract money. A few weeks back in the month of Ramadan, at an Iftar (breaking the fast) dinner in Lahore, people donated 80 million rupees in zakat in one hour.
The annual cost of running the hospital is 3.6 billion rupees, of which half comes from donations and zakat to the hospital. The rest is raised from the hospital selling its services and the 25 per cent of paying patients. We have no government subsidy.
What are your fundraising techniques?
We invented new ways of raising money because the amounts required were so huge. We got children involved by appealing to schools who began to fundraise on my behalf. The children who became my fundraisers were called Imrans Tigers. By focusing on the children, I had hit on the jackpot because children were my greatest cricket fans. They created a revolution.
What is your biggest financial regret?
When I was 34, a friend of mine told me to put my savings into stocks just a few months before the 1987 crash. I was only left with about 25 per cent of what I had invested. I realised you should only put money where you have control over it. I always felt a lot of it went because I should have cleansed it by giving some to the poor. I wasnt shattered, just annoyed.
How have cricket salaries changed since you were captain?
What I earned in 21 years of cricket, from 1971 to 1992, today an ordinary cricketer in the Indian Premier League (IPL) can earn in one month: $2m or $3m.
The Kerry Packer World Series in 1978 and 1979 changed cricket because, for the first time, players got a decent salary. But, with the IPL, there was no perspective left. Cricketers are becoming only good at the shorter version of the game, and eventually they will lose the skill needed for the ultimate test, which is Test cricket. So money has come but at a cost.
Have you made any pension provision?
No, but I live according to my needs, which is the secret of contentment. Since 1992, I have never had a profession, but I have worked full-time as a volunteer for the hospital, my political party and founding my university. When I have run short of money in the past, I have done cricket analysis as an expert on television in the cricketing world, and have always made enough to live comfortably.
What was your most prudent investment?
It would be buying my two-bedroom penthouse flat in 1983 on Draycott Avenue in South Kensington. I was 30 years old and I lived there when I was playing cricket. It cost £110,000 then. I kept it for 20 years then sold it in 2003 to buy almost 35 acres of land and build a farmhouse in Islamabad. I grow my own food and everything is organic. It is my idea of paradise.
What is your commitment to charity?
It was creating a university in 2007. I am chancellor of Bradford University, which helped me set up the first private-sector university, Namal College in Mianwali, a wild part of Pakistan. Seventy per cent of our population live in rural areas. My ambition is to make Namal Collage the Oxford university of Pakistan. It is a beautiful location, on a lake with mountains behind it.
When the floods came in Pakistan last year, at the end of July, I set up a special charity. I raised 2 billion rupees in one month, which is a record. I was forced to do this. People would not trust the government. They insisted on giving me money to help flood victims.
Do you allow yourself the odd indulgence?
My real passion is trekking, which I do when my children come to Pakistan and we go into the mountains.
Have you taken steps to pass on your wealth?
No, but I am in politics in Pakistan. I guess right now I should be sensible and make a will.