LAHORE: The Pakistan Cricket Board (PCB) on Saturday terminated the Pakistan Super League (PSL) contract of Multan Sultans franchise, reverting back all rights to itself due to the owners’ “inability to meet financial obligations under the agreement”.
The announcement was made in a joint press release by the board and Schon Group, the owners of Multan Sultans. “The fourth edition of PSL will go ahead as planned with six teams and the same number of matches. The board shall take complete responsibility of all player and coach contracts. Pending further updates, the team shall be referred to as ‘The Sixth Team’ of PSL,” the release said.
PCB Chairman Ehsan Mani termed it an “unfortunate turn of events”, saying, “We have to ensure strict adherence to contractual obligations for the well-being of Pakistan Super League. We wish Schon Group well with their future endeavours.”
“I want to reassure our partners – franchisees, sponsors, players, coaches and fans – that the Pakistan Super League will take place as planned. Our preparations are in full swing starting with the PSL Draft in Islamabad. The 2019 edition of the PSL will be a memorable one with as many as eight matches including the playoffs and the final scheduled to take place in Pakistan,” he added.
The board acknowledged the Schon Group for being the only bidder to meet the reserve price of $5.2 million per annum. The Multan franchise was sold at double the amount for which PCB had in 2015 sold the most valuable PSL team.
The PSL 4 will commence from February 14, 2019, according to the schedule.