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 stay with their current owners for the next ten years after their agreement is renewed, the PCB said in a statement.
The three-time champions Qalandars were the first to extend their deal, following a comprehensive review.
PCB Chairman Mohsin Naqvi lauded the franchise’s contribution and leadership, saying franchise owners Atif Rana and Sameen Rana have worked hard to make the franchise “a well-known name across Pakistan and a renowned brand across the globe.”
“Their decision is a testimony of confidence in the power and appeal 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 by the valuation process.
“The franchise rights of one of the most recognizable and influential teams in the PSL, Peshawar Zalmi, will remain with their current owners for the next decade after the renewal of their franchise agreement on Monday,” the PCB said in a statement.
The Gladiators became the third team to renew their PSL contract for the next 10-year cycle, with the PCB announcing that the franchise had signed the new valuation.
As a result, the franchise will remain under the ownership of the country’s famous cricket figure, Nadeem Omar, for the next few years.
“The PSL is delighted to confirm that Quetta Gladiators will continue under the leadership of its current owners for the next decade, with the franchise officially renewing its long-term deal on Monday,” the PCB said in a statement.
The PSL franchise contract renewal announcements come after the PCB finalized the independent valuation process and other commercial 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 11th edition of the flagship league will mark the addition of new teams, the representative teams of which are yet to be finalized.
Meanwhile, the PCB also received valuation reports from two new PSL teams. Interested bidders will be able to choose from the shortlisted city names including Hyderabad, Sialkot, Muzaffarabad, Faisalabad, Gilgit and Rawalpindi.
