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 total of Rs 3.6 billion in a record auction, confirming the expansion of the league to eight teams from its 11th edition.
The high-profile auction, organized by the Pakistan Cricket Board (PSC) at the Jinnah Convention Centre, attracted keen interest from leading local and international business groups, underscoring renewed investor confidence in Pakistan’s flagship T20 tournament.
Bidding for the seventh franchise began at a base price of 1.1 billion rupees, rising rapidly amid fierce competition involving several heavyweights, before Southeast Asia-based FKS Group secured the team with a winning bid of 1.75 billion rupees.
Moments later, FKS Managing Director Fawad Sarwar announced ‘Hyderabad’ as his hometown, bringing a major center of Sindh cricket into the HBL PSL fold and drawing applause from the officials, bidders and guests at the venue.
The auction then moved to the eighth franchise, offered with a base price of Rs 1.7 billion, where a tense three-way competition played out between US-based Aim Next Inc., i2c and OZ Developers, pushing the bids steadily upward in prescribed increments.
After several management 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 – later confirming ‘Sialkot’ as the franchise’s hometown.
Under the auction, the franchises were sold on 10-year contracts, with annual fees matching their winning bids, while the PCB said the process would generate around Rs 36 billion for the board over the life of the contract.
Earlier, the ceremony included the distribution of prizes to the national teams, with Rs 90 million awarded to the Pakistan Shaheens, winners of the Emerging Asia Cup, and Rs 18.5 million to the Hong Kong Sixes champions, adding a color of celebration to the evening.
Speaking in conclusion, PCB Chairman Mohsin Naqvi termed the auction a historic moment, saying, “It 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 outcome will benefit the game for years to come.”
U.S. Charge d’Affairs Natalie Baker praised the strong U.S. participation, noting, “American companies are investing here, and events like this help strengthen commercial 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 cricketing history.”
FKS owner Fawad Sarwar called the moment deeply personal, saying: “This is the fulfillment of a childhood dream. The inclusion of Hyderabad will strengthen the league and also create 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 Chairman Mohsin Raza Naqvi and his team involved in organizing the tournament.
“By the grace of Allah, the glory of sports was restored to the country. With time, with the grace of Allah, the PSL became the first major league in the region,” he said in a statement. “The auction of two new PSL teams is an important step for the promotion of cricket in the country.”
Shehbaz said the inclusion of two new teams has breathed new life into the HBL PSL. “Foreign investment in new teams is a clear proof of the popularity and success of the Pakistan Super League at the international level. Cricket fans will enjoy the Pakistan Super League matches this year and new and young talents will get an opportunity,” he added.
(WITH INPUT FROM THE APPLICATION)
