After an auction in Islamabad that broke previous price records, Hyderabad and Sialkot were confirmed as the league’s newest franchises, formally expanding the Pakistan Super League (PSL) to eight teams.
The PCB had long intended for expansion to increase the league’s revenue base and vision after ten successful seasons with six teams.
Eight teams will now compete for the title in the 11th PSL, which has attracted a lot of interest from both domestic and foreign bidders.
Wasim Akram hosted the auction, which took place at the Jinnah Convention Centre. Although PKR 1.1 billion was the starting price for the seventh franchise, bidding soon raised the amount. Following a bidding war against fintech company i2c, US-based aviation and healthcare conglomerate FKS, led by CEO Fawad Sarwar, won the Hyderabad franchise for PKR 1.75 billion (USD 6.2 million).
PCB will run the Multan Sultans this season.
The PCB increased the eighth franchise’s basic price to PKR 1.7 billion in response to the strong bidding. With a final bid of PKR 1.85 billion (USD 6.55 million), OZ Developers, a real estate group led by Hamza Majeed, defeated i2c in the Sialkot tournament. With this amount, Sialkot became the most costly PSL team ever.
The new franchise fees are significantly different from what current teams pay. With an annual price of PKR 670 million, Lahore Qalandars presently pays the highest of the original franchises, roughly double Hyderabad’s valuation.
The two new owners pledged to support cricket in Pakistan. While OZ Developers highlighted Sialkot’s athletic legacy and the potential boost the franchise may offer to the city’s internationally renowned sports industry, FKS highlighted the personal significance of joining the PSL. The new franchise owners were greeted by PCB chairman Mohsin Naqvi. Additionally, he affirmed that Multan Sultans, which the PCB will run this season after Ali Tareen withdrew, will be up for sale the next year.
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