T20 World Cup
The Pakistan Super League franchise Multan Sultans was sold for a record Rs2.45 billion at an auction conducted by the Pakistan Cricket Board on Monday, marking the highest-ever valuation for a PSL team. The winning bid was made by Walee Technologies at a star-studded auction held in Lahore, setting a new benchmark for franchise ownership in the league.
The auction began with the recitation of the Holy Quran, followed by the national anthem. PSL Chief Executive Officer Salman Naseer welcomed the five qualified bidders before Pakistan Cricket Board chairman Mohsin Naqvi officially inaugurated the proceedings by hammering the gong. Moderator Sidra Iqbal then outlined the auction rules, while auctioneer Fakhre Alam announced the base price of the franchise at Rs1.82 billion.
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Following the opening bid, a competitive bidding war ensued among interested parties, eventually culminating in Walee Technologies securing the franchise with a decisive offer of Rs2.45 billion. Representatives of the winning bidder received the ceremonial key to the franchise from the PCB chairman and subsequently announced that the team’s city name would be changed from Multan to Rawalpindi ahead of PSL 11.
Among the bidders was former franchise owner Ali Tareen, who opted not to renew the decade-long ownership agreement after the landmark 10th edition of the league. In the aftermath of his decision, the PCB had temporarily taken control of the former champions, with Naqvi earlier stating that the board would oversee the franchise’s affairs for PSL 11, scheduled to be held from March 26 to May 3. That decision was later reversed, with the board choosing to auction the team instead.
The PCB formally invited bids last month through a public advertisement to attract potential investors. The deadline for submission of technical proposals was January 30, with six proposals received in total. After scrutiny, five bidders were shortlisted for the final auction.
Addressing a press conference alongside the new owners, Naqvi hailed the auction as a major success, noting that months of preparation had gone into the process. “Our aim was to take the team to the highest possible price,” he said. He revealed that Prime Minister Shehbaz Sharif had called him during the auction. “He was happy to see how we are moving towards success,” Naqvi added.
Reflecting on the sharp rise in the franchise’s valuation, Naqvi said critics had previously questioned whether the team could even reach a Rs1 billion price tag. “They can see now. When effort is made, results follow,” he said. He also referenced the vision of former PCB chairman Najam Sethi, stating, “The dream he had has increased in value, and international players are coming to Pakistan.” According to Naqvi, the PCB’s broader goal is to transform the PSL into not just Pakistan’s flagship cricket tournament, but a globally recognised event.
During the same media interaction, Naqvi also commented on recent developments involving the International Cricket Council following marathon meetings with ICC Deputy Chairman Imran Khwaja, who had arrived in Pakistan to discuss the country’s earlier boycott of a T20 World Cup match against India. “Many things should be forgiven when someone calls on voluntarily,” Naqvi said, while adding that it was premature to comment further and that matters related to Bangladesh were still under consideration.
The PCB chairman confirmed that discussions with the ICC were ongoing and that the board was awaiting a response from the global governing body. “Some friendly countries have also contacted us,” he said, noting that Pakistan’s position had been conveyed. Responding to questions about possible sanctions, fines or even a ban, Naqvi asserted, “I am not afraid of threats, nor is the government or the field marshal.”
The record-breaking sale of the former Multan Sultans franchise and its rebranding as Rawalpindi underscores the growing commercial strength of the PSL, even as the PCB continues to navigate complex international cricketing and diplomatic challenges ahead of the upcoming season.
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