PSL expands to eight teams as Sialkot, Hyderabad fetch record bids

The Pakistan Super League (PSL) has officially expanded to eight teams, with Hyderabad and Sialkot announced as the league’s newest franchises after an auction in Islamabad that obliterated previous valuation records.

After 10 successful seasons with six teams, the PCB had long wanted to expand the league’s vision and financial base.

With high interest from domestic and international bidders, the 11th edition of the PSL will have eight teams competing for the title.

The auction was held at the Jinnah Convention Centre and hosted by Wasim Akram. The basic price for the seventh franchise was established at PKR 1.1 billion, but bidding swiftly pushed the sum higher. US-based aviation and healthcare conglomerate FKS, led by CEO Fawad Sarwar, obtained the Hyderabad franchise for PKR 1.75 billion (USD 6.2 million) after a bidding war against fintech firm i2c.

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Seeing the aggressive bidding, the PCB raised the base price of the eighth franchise to PKR 1.7 billion. The contest for Sialkot saw OZ Developers, a real estate consortium headed by Hamza Majeed, edge past i2c with a final bid of PKR 1.85 billion (USD 6.55 million). This figure made Sialkot the most expensive franchise in PSL history.

The new franchise fees stand in major contrast to those of existing teams. Lahore Qalandars currently pay the highest annual fee among the original franchises at PKR 670 million, making Hyderabad’s valuation nearly three times higher.