PSL expands to eight teams as Sialkot, Hyderabad fetch record bids
The auction was conducted at the Jinnah Convention Centre and hosted by legendary pacer Wasim Akram.
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The Pakistan Super League (PSL) officially expanded the tournament to eight teams as Hyderabad and Sialkot were confirmed as the league’s newest franchises following an auction in Islamabad that shattered previous valuation records.
After completing ten successful seasons with six teams, the PCB had long planned for expansion to broaden the league’s vision and revenue base. With strong interest from domestic and international bidders, the 11th edition of the PSL will now witness eight teams fighting for the title.
The auction was conducted at the Jinnah Convention Centre and hosted by Wasim Akram. The base price for the seventh franchise was set at PKR 1.1 billion, but bidding quickly drove the figures upward. US-based aviation and healthcare conglomerate FKS, led by CEO Fawad Sarwar, secured the Hyderabad franchise for PKR 1.75 billion (USD 6.2 million) after a bidding war against fintech firm i2c.
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Seeing the aggressive bidding, the PCB raised the base price of the eighth franchise to PKR 1.7 billion. The contest for Sialkot saw OZ Developers, a real estate consortium headed by Hamza Majeed, edge past i2c with a final bid of PKR 1.85 billion (USD 6.55 million). This figure made Sialkot the most expensive franchise in PSL history.
The new franchise fees stand in major contrast to those of existing teams. Lahore Qalandars currently pay the highest annual fee among the original franchises at PKR 670 million, making Hyderabad’s valuation nearly three times higher.
Both new owners expressed commitment to Pakistan cricket. FKS stated the personal significance of entering the PSL, while OZ Developers emphasised Sialkot’s sporting heritage and the potential boost the franchise could bring to the city’s globally recognised sports industry. PCB chairman Mohsin Naqvi welcomed the new franchise owners. He also confirmed that Multan Sultans, which will be operated by the PCB this season following Ali Tareen’s withdrawal, will be offered for sale next year.
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