Quetta Gladiators, Karachi Kings and Islamabad United sign new 10-year ownership extensions

The owners of Quetta Gladiators, Karachi Kings, and Islamabad United have all confirmed that they will renew their ownership for another ten years. These announcements follow earlier confirmations from Lahore Qalandars and Peshawar Zalmi, who had also officially committed to continuing with their existing ownership.

With these developments, all five franchises that originally launched the Pakistan Super League (PSL) have now signed agreements to remain under the same ownership. Shortly after Islamabad United made their announcement, however, Multan Sultans’ owner, Ali Tareen, revealed that he would not be extending his ownership of the franchise.

Although all franchises were widely expected to renew, Karachi Kings, initially the most valuable franchise in 2016, registered the smallest percentage increase in their annual franchise fee. The franchise, which was valued at PKR 440 million (approximately US$1.57 million) in 2016, rose to about PKR 790 million (approximately US$2.8 million) in the latest valuation.

Under the renewal structure, incumbent owners are required to pay the original franchise fee plus 25% of the new valuation. For Karachi Kings, this results in an annual fee of around PKR 640 million (approximately US$2.3 million). This places their market value below that of Lahore Qalandars and Multan Sultans, and only slightly above Quetta Gladiators.

"A decade ago, we made a promise to help bring cricket back to Pakistan. Today, I am proud to announce that we have officially renewed Karachi Kings' franchise rights for the next 10 years! This isn't just a renewal; it's a recommitment to the vision that built the HBL PSL,” tweeted Karachi Kings owner Salma Iqbal.

Quetta Gladiators and Islamabad United have now joined the list of franchises confirming their renewed ownership. The Gladiators are understood to have the lowest current market value among the original teams, but also the highest percentage growth.

Their annual fee in 2016 stood at approximately PKR 187 million (about US$660,000). With their market value rising to around PKR 690 million (approximately US$2.45 million), retention will cost the owners roughly PKR 360 million (about US$1.28 million) per year.

Islamabad United, meanwhile, have surpassed Karachi Kings in market value. United are estimated to be worth around PKR 860 million (approximately US$3.06 million), up from PKR 255 million (about US$910,000) when the PSL began. Under the retention terms, owner Ali Naqvi will now be required to pay about PKR 470 million (approximately US$1.67 million) annually.

The PSL is set to expand to eight teams, with two new franchises being added ahead of the next season, scheduled between March and May 2026. With the Multan Sultans ownership group opting not to retain their rights, the league will need to finalise new ownership arrangements for three teams before the draft for the 11th edition can begin.