Islamabad (Web Desk): The Pakistan Super League (PSL) has entered a new chapter, officially expanding to eight teams with Hyderabad and Sialkot confirmed as the league’s latest franchises following the conclusion of the expansion auction ahead of the next season.
OZ Developers, led by Hamza Majeed, secured ownership of the eighth team with a winning bid of Rs1.85 billion in the auction’s second round, choosing Sialkot as the franchise’s home city.
The base price for the eighth slot had initially been set at Rs1.70 billion, coming shortly after the first new franchise was sold to the FKS Group for Rs1.75 billion.
The opening round of bidding was fiercely competitive, with all 10 eligible groups submitting substantial offers. FKS Group, owned by Fawad Sarwar, topped this round with a Rs1.75 billion bid, claiming one of the two newly introduced teams.
This marks the PSL’s second major expansion. The league first grew during its third season with the addition of Multan Sultans, increasing the number of teams from five to six. Now, with Hyderabad and Sialkot joining for the 11th season, the total number of franchises rises to eight.
Fans can look forward to the 11th edition of the PSL, scheduled from March 26 to May 3, promising weeks of thrilling cricket action both domestically and abroad.
According to auction rules, the successful bidders could 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 milestone 10th season, the PCB carried out a valuation of the existing six franchises and offered renewal agreements. Five teams opted to extend their contracts, while Multan Sultans did not, resulting in the franchise coming under the direct control of the PCB.
To attract international investors, the PSL held promotional roadshows at London’s historic Lord’s Cricket Ground and in New York, generating considerable interest. Twelve groups from five continents submitted bids during this process.
The PCB confirmed that investors from the United States, Australia, Canada, the UAE, and Pakistan formally expressed interest in acquiring the franchises.
The board’s Bid Committee conducted a thorough review over three days, ultimately shortlisting 10 bidders who met all technical requirements.
Just before the auction, the Tareen Group withdrew, reducing the number of contenders to nine.
The final list of bidders included OZ Developers, Aim Next Inc, Deharki Sugar Mills, FKS, Inverex, i2c, Jazz, Prism Developers, VGO Tel, and Walee Technologies.
Ahead of the auction, PCB Chairman Mohsin Naqvi awarded Rs90 million to the winners of the Rising Star Asia Cup and Rs18.5 million to the champions of the Hong Kong Sixes tournament, recognizing their achievements on the international stage.