As many as three Pakistan Super League (PSL) franchises, including Lahore Qalandars, Peshawar Zalmi and Quetta Gladiators, renewed their deals on Monday, the Pakistan Cricket Board (PCB) announced on Monday.
The franchises will now remain with their current owners for the next ten years after renewing their agreement, the PCB said in a statement.
Three-time champions Qalandars were the first to extend their deal, following a thorough assessment.
PCB Chairman Mohsin Naqvi praised the contribution and leadership of the franchise and said that the franchise owners Atif Rana and Sameen Rana have worked hard to make the franchise “a household name across Pakistan and a renowned brand across the world.”
“Their decision is a testament to confidence in the power and influence of the PSL,” he said in a statement.
Zalmi, the 2017 champion, followed the Qalandars in renewing their franchise contract at the market value determined through the valuation process.
“The franchise rights of one of the most recognized and influential teams in the PSL, Peshawar Zalmi, will remain with its current owners for the next decade following the renewal of its franchise agreement on Monday,” the PCB said in a statement.
The Gladiators became the third team to renew their contract with PSL for the next 10-year cycle, with the PCB announcing that the franchise has signed the newly assessed valuation.
As a result, the franchise will continue to be owned by the country’s renowned cricket figure, Nadeem Omar, for years to come.
“The PSL is delighted to confirm that Quetta Gladiators will continue under the management of its current owners for the next decade, as the franchise formally renewed its long-term agreement on Monday,” the PCB said in a statement.
The announcements of PSL’s franchise contract renewals come after the PCB completed the independent valuation process and other business assets earlier this month.
Once the process was completed, the cricket board issued renewal offer letters to all compliant PSL franchises, detailing the revised franchise fees for the next 10-year cycle.
The upcoming eleventh edition of the main league will mark the incorporation of new teams, whose representative teams have not yet been defined.
Meanwhile, the PCB also received valuation reports of two new PSL teams. Interested bidders will be able to select from shortlisted city names including Hyderabad, Sialkot, Muzaffarabad, Faisalabad, Gilgit and Rawalpindi.
