Islamabad (Web Desk): One of the two newly added Pakistan Super League franchises was snapped up on Wednesday by the FKS Group after it emerged victorious in the expansion auction with a top bid of Rs1.75 billion.
The auction witnessed stiff competition, with all 10 approved bidders aggressively vying for ownership of the new team. After a series of high-value offers, the company owned by Fawad Sarwar outbid its rivals by putting forward Rs1.75 billion, securing the franchise rights.
This development marks only the second time the PSL has expanded since its launch. The first expansion took place in the league’s third season, when Multan Sultans were introduced, increasing the number of teams from five to six.
The upcoming 11th edition represents a historic moment for the tournament, as the addition of two new teams has raised the total number of franchises from six to eight. The season is scheduled to be held from March 26 to May 3 and is expected to deliver another exciting chapter of top-level T20 cricket for fans at home and oversea.
At present, seven teams have been finalised, while the battle for the eighth and final slot remains open. Nine qualified bidders are now set to compete for the remaining franchise, with expectations of even higher bids to conclude the expansion process.
As per the auction framework, winning bidders were permitted to select a home city from a list approved by the Pakistan Cricket Board, which included Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad and Gilgit.
Following the conclusion of the landmark 10th season, the PCB conducted a valuation exercise for the league’s six existing franchises and offered renewal agreements to their owners. Five franchises accepted the new terms, while Multan Sultans opted not to renew, resulting in the team being taken over by the cricket board.
To draw international investors, the PSL organised promotional roadshows at the iconic Lord’s Cricket Ground in London as well as in New York. These events generated remarkable interest, with bids submitted by 12 parties from five different continents.
In a short statement, the PCB revealed that investors from the United States, Australia, Canada, the United Arab Emirates and Pakistan had formally expressed interest in acquiring the franchises available for sale.
The board’s Bid Committee last month carried out a detailed assessment of the proposals received from the 12 interested parties. After a three-day scrutiny process, 10 bidders were shortlisted after fulfilling the technical requirements and advancing to the next phase.
However, shortly before the auction took place, the Tareen Group announced its decision to withdraw, reducing the number of qualified bidders to nine.
The final list of shortlisted bidders includes OZ Developers, Aim Next Inc, Deharki Sugar Mills, FKS, Inverex, i2c, Jazz, Prism Developers, VGO Tel and Walee Technologies.