Web Desk

ISLAMABAD: The Pakistan Super League (PSL) franchise auction began Thursday at Jinnah Convention Centre with 10 qualified bidders competing for two new teams as the league expands to eight franchises for its 11th season. Indonesia-based FKS Group secured the seventh franchise for a record Rs1.75 billion ($6.2 million). Owner Fawad Sarwar confirmed the team will represent Hyderabad. The auction for the eighth franchise remains scheduled. Bidding battle unfolds The auction began at 5 pm with a base price of Rss1.1 billion ($3.89 million). Companies FKS and i2c engaged in a fierce contest that drove the final price 59% above the base. I2c opened with Rs1.42 billion ($5.02 million). FKS countered with Rs1.54 billion ($5.45 million). The bidding escalated rapidly as i2c pushed to Rs1.7 billion ($6.01 million) before FKS sealed the deal at Rs1.75 billion ($6.2 million). Walee Technologies, OZ Group of Companies, Prism Estate &amp; Builders and Inverex Solar Energy also placed early bids. Auction rules Each bidder received one five-minute strategic timeout. Minimum bid increments were set at Rs10 million ($35,366). No upper limit existed for bid increases. The Pakistan Cricket Board declared the round closed when no bidder surpassed FKS&#39;s final offer despite the auctioneer&#39;s final call. Expansion details The PSL expands from six to eight teams for season 11, scheduled between March 26 and May 3, 2026. Successful bidders can select home cities from a PCB-approved list including Faisalabad, Rawalpindi, Sialkot, Muzaffarabad and Gilgit. Qualified bidders The PCB confirmed 10 qualified bidders Wednesday. The list included Aim Next Inc, Deharki Sugar Mills, Inverex, Jazz, OZ Developers, Prism Developers, VGO TEL and Walee Technologies. Former Multan Sultans owner Ali Tareen withdrew before the auction. Twelve parties initially filed bids. Ten passed the technical evaluation process. Teams honored PCB Chairman Mohsin Naqvi awarded PKR 90 million to Pakistan Shaheens for winning the Rising Stars Asia Cup. The Hong Kong Sixes champions received PKR 18.5 million. Singer Rahat Fateh Ali Khan performed after the bidding concluded. Current champions Three-time champions Lahore Qalandars and Islamabad United lead the league. Peshawar Zalmi won in 2017. Quetta Gladiators claimed the 2019 title. Karachi Kings triumphed in 2020. Multan Sultans won in 2021.

Cricket

Pakistan Super League holds franchise auction with 10 bidders competing for two new teams as league expands to eight franchises for season 11.

Articles tagged with "Lahore Qalandars"

PSL auction: Hyderabad franchise sells for a record $6.2 million