ISLAMABAD: Pakistan Super League expanded to eight teams on Thursday after Sialkot and Hyderabad were sold at record prices during a high-profile franchise auction held at the Jinnah Convention Centre.
Sialkot was secured by OZ Developers for Rs1.85 billion, the highest amount ever paid for a PSL franchise. The bid came after a tense second-round contest with software company i2c, which remained in the race until its final offer of Rs1.82bn before being edged out by OZ Developers.
Earlier, Hyderabad was picked up by the FKS Group for Rs1.75bn in the first round of bidding. FKS also faced competition from i2c, whose final bid stood at Rs1.7bn before the group closed the deal.
The Pakistan Cricket Board had set the base price of the seventh team at Rs1.1bn, while the eighth franchise carried a higher reserve of Rs1.7bn, reflecting the league’s commercial growth ahead of its 10th season.
Hyderabad and Sialkot will make their first appearance in the PSL, which began in 2015 with six teams. The upcoming season is scheduled to run from March 26 to May 3.
Several cities were considered for expansion, including Faisalabad, Gilgit, Muzaffarabad and Rawalpindi, but Hyderabad and Sialkot ultimately attracted the strongest investor interest.
The existing PSL teams are Lahore Qalandars, Islamabad United, Peshawar Zalmi, Quetta Gladiators, Karachi Kings and Multan Sultans.
A total of 10 parties participated in the bidding process, including FKS, OZ Developers, Aim Next Inc, Deharki Sugar Mills, Inverex Solar, i2c, Jazz, Prism Developers, VGO TEL and Walee Pakistan.
The auction was hosted by former Pakistan captain Wasim Akram, alongside PSL Chief Executive Officer Salman Naseer. Addressing attendees, Naseer described the expansion as a milestone moment for the league after a decade of competition. Akram, meanwhile, highlighted that franchise ownership extended beyond cricket, pointing to branding, fan engagement and team culture as key attractions.
Before the auction proceedings began, PCB Chairman Mohsin Naqvi awarded Rs90 million to the team that won the Rising Star Asia Cup, while the Hong Kong Sixes champions received a cash prize of Rs18.5m.
The bidding deadline for new franchises had been extended multiple times, from December 15 to December 22 and later to December 24, amid rising interest from investors following promotional roadshows in London and New York.
Earlier in the day, former Multan Sultans owner Ali Tareen announced that he and his family would not be taking part in the auction. In a social media post, he said his involvement with Multan had been driven by a desire to represent south Punjab, adding that he would consider returning only if that opportunity arose again in the future.
