Multan Sultans sold for Rs2.45bn in PSL record deal, new owner announces Rawalpindi identity

LAHORE: Pakistan Super League franchise Multan Sultans was sold for a record Rs2.45 billion to Walee Technologies during an auction ceremony held in Lahore on Monday, with the company’s chief executive immediately announcing plans to rename the team after Rawalpindi.

The bidding process, overseen by the Pakistan Cricket Board, covered the annual ownership fee for the next ten years. Show host Fakhr-i-Alam informed participants that the successful bid would secure long term control of the franchise under the league’s financial model.

Moments after being declared the highest bidder, Walee Technologies CEO Ahsan Tahir surprised the audience by declaring that the team’s identity would be shifted away from Multan. “We will be going for Rawalpindi,” he announced, signalling a rebranding plan that is expected to reshape the franchise’s future presence in the league.

PCB Chairman Mohsin Naqvi congratulated Walee Technologies on securing the franchise and invited former PCB chairman Najam Sethi to the stage, acknowledging his role in establishing the Multan Sultans brand when the team first entered the PSL in 2017.

“This Multan Sultans was created by Najam Sethi sahib, the person who started this journey, and we are pleased he is with us today,” Naqvi said at the ceremony.

Sethi described the moment as the realisation of a long held vision for the league. He praised the growth of the PSL and called the record bid a positive sign for Pakistan cricket’s commercial strength.

Speaking later at a press conference alongside Walee representatives, Naqvi said the PCB would have to carefully consider the fate of the Multan Sultans name. He noted that it would be unrealistic to compel an investor paying Rs2.45bn to retain an identity they did not wish to continue.

“For me, Multan Sultans is very close to my heart, so we will come up with a solution,” he said, indicating that discussions were ongoing about how to manage the legacy of the franchise while accommodating the new owner’s plans.

Naqvi explained that the opening bid of Rs1.82bn had been set by benchmarking against previous franchise valuations, including the Rs1.85bn figure linked to the Sialkot team in earlier PSL dealings. He added that market confidence and competitive interest in PSL teams had encouraged the board to proceed with the auction earlier than initially planned.

The Multan Sultans franchise had been without an owner since November last year after the PCB did not extend a renewal arrangement with previous owner Ali Khan Tareen. The board subsequently assumed control of the team and announced plans to auction it before the league’s 11th edition.

Bids for the franchise were invited on January 14, and technical evaluation of the proposals was completed by February 3 before the financial bidding round took place in Lahore.

Walee Technologies, according to its corporate profile, operates across media, technology and financial sectors and has previously been involved with PSL digital streaming rights. Its entry into franchise ownership marks one of the most significant private sector investments in the league’s history.

Founded in 2017, Multan Sultans participated in eight PSL seasons and won the championship in 2021. Over time, the team developed a strong regional following and became one of the more competitive sides in the tournament.

The announcement of a possible relocation and rebranding to Rawalpindi is expected to trigger debate among fans and stakeholders, particularly in southern Punjab where the team had built its identity.

Naqvi indicated that further clarity would be provided in the coming days regarding the transition plan, while emphasising that the PCB’s priority remained the growth, stability and commercial success of the PSL.

The development also reflects how the PSL’s franchise model has matured into a commercially valuable sporting asset capable of attracting major technology and media companies into direct ownership roles. League officials believe that sustained investor confidence will help strengthen the tournament’s financial base and enhance its appeal to sponsors, broadcasters and international players.