Hyderabad and Sialkot are the two new teams added to the HBL PSL franchises. Photo: X/@thePSLt20
ISLAMABAD:
History was made on Thursday as the HBL Pakistan Super League (PSL) entered a decisive new phase, with two new franchises sold for a combined total of Rs 3.6 billion in a record-breaking auction, confirming the league’s expansion to eight teams from its 11th edition.
The high-profile auction, organized by the Pakistan Cricket Board (PSC) at the Jinnah Convention Centre, attracted intense interest from leading local and international corporate groups, underlining renewed investor confidence in Pakistan’s iconic T20 tournament.
Bidding for the seventh franchise opened at a base price of Rs 1.1 billion, and escalated rapidly amid fierce competition involving multiple heavyweights, before Southeast Asia-based FKS Group secured the team with a winning bid of Rs 1.75 billion.
Moments later, FKS CEO Fawad Sarwar announced ‘Hyderabad’ as its host city, bringing a major Sindh cricket hub into the HBL PSL and drawing applause from officials, bidders and guests at the venue.
The auction then moved on to the eighth franchise, offered with a base price of Rs 1,700 crore, where a tense three-way competition developed between Aim Next Inc., i2c and US-based OZ Developers, driving the bids steadily upward in prescribed increments.
After several leadership changes and strategic pauses, OZ Developers sealed the deal with a bid of Rs 1.85 billion (the highest price ever paid for an HBL PSL team) and later confirmed that ‘Sialkot’ is the hometown of the franchise.
Under the auction, franchises were sold on 10-year deals, with annual fees equal to the winning bids, while the PCB said the process would generate approximately Rs36 billion for the board over the contract period.
Earlier, the ceremony featured the distribution of prizes for the national teams, with Rs 90 million awarded to Pakistan’s Shaheens, winners of the Emerging Asia Cup, and Rs 18.5 million to the Hong Kong Sixes champions, adding celebratory color to the evening.
Concluding, PCB Chairman Mohsin Naqvi termed the auction a historic moment and said, “This is not just an expansion, it is a vote of confidence in Pakistan cricket. The HBL PSL is going from strength to strength and today’s result will benefit the game for years to come.”
U.S. Chargé d’Affaires Natalie Baker welcomed the strong American participation, noting: “American companies are investing here and events like this help strengthen business and sporting ties between our two countries.”
Hamza Majid of OZ Developers said the decision to go over budget was deliberate, adding: “We came here to win. Cricket runs in our blood and Sialkot now has a team that lives up to its rich cricket history.”
FKS owner Fawad Sarwar termed the moment deeply personal and said, “This is the fulfillment of a childhood dream. The inclusion of Hyderabad will strengthen the league and also build bridges beyond cricket.”
Prime Minister Shehbaz Sharif congratulated the PCB for the successful auction of the new HBL PSL teams. He appreciated the efforts of PCB President Mohsin Raza Naqvi and his team involved in organizing the tournament.
“By the grace of Allah, the glory of sports has been restored to the country. Over time, with the grace of Allah, the PSL has become the first division among the major leagues in the region,” he said in a statement. “The auction of two new PSL teams is an important milestone for the promotion of cricket in the country.”
Shehbaz said that the inclusion of two new teams has given new life to the HBL PSL. “Foreign investment in new teams is a clear proof of the popularity and success of Pakistan Super League internationally. Cricket fans will enjoy Pakistan Super League matches this year and new and young talents will get a chance,” he added.
(WITH INPUT FROM THE APP)
