Hyderabad, Sialkot fetch record bids as PSL franchise count rises to eight

The Pakistan Cricket Board (PCB) has added two new teams to the Pakistan Super League (PSL). The league will now have eight franchises, with Hyderabad and Sialkot joining the existing six: Islamabad United, Karachi Kings, Lahore Qalandars, Peshawar Zalmi, and Quetta Gladiators.

The new franchises were awarded at an auction. The US-based aviation and healthcare company FKS purchased the Hyderabad team for PKR 1.75 billion (USD 6.2 million). The real estate consortium OZ Developers acquired the Sialkot team for PKR 1.85 billion (USD 6.55 million), the highest franchise fee in PSL history.

The PCB had set a base price of PKR 1.1 billion for the first team. FKS CEO Fawad Sarwar secured the Hyderabad franchise with the final bid of PKR 1.75 billion.

Hyderabad's franchise fee is significantly higher than those of existing teams. Currently, the highest fee paid by an existing team is Lahore Qalandars at PKR 670 million. Hyderabad's fee is nearly three times that amount.

The base price for the second team was PKR 1.7 billion. OZ Group, led by CEO Hamza Majid, secured Sialkot with a bid of PKR 1.85 billion, making it the most expensive franchise in PSL history. The values of the existing five franchises range between PKR 370 million and PKR 670 million.

PCB Chairman Mohsin Naqvi stated that one more team, Multan, will be for sale next year. The PCB will run the Multan Sultans this season after owner Ali Tareen withdrew due to differences with the board. Tareen was an approved bidder but chose not to participate.

In a social media post before the auction, Ali Tareen said, "If I come back to PSL, it has to be for the same reason. South Punjab is where my heart is. It is home… And when the Multan team is being sold, we'll be ready."

The 11th season of the PSL will be held from March 26 to May 3.