Hyderabad, Sialkot fetch record bids as PSL franchise count rises to eight

The Pakistan Cricket Board (PCB) has added two new teams to the Pakistan Super League (PSL). From now on, the PSL will have eight franchises, with Hyderabad and Sialkot joining the existing six - Islamabad (United), Karachi (Kings), Lahore (Qalandars), Peshawar (Zalmi), and Quetta (Gladiators). So far, the PSL has had 10 seasons.

The new additions were decided at an auction on Thursday (January 8), with the US-based aviation and healthcare company FKS and the real estate consortium OZ Developers acquiring the new teams. FKS purchased the Hyderabad team for PKR 1.75 billion (USD 6.2 million), while OZ Developers bagged the Sialkot team for PKR 1.85 billion (USD 6.55 million), the highest franchise fee in PSL history.

The PCB had set a base price of PKR 1.1 billion for the first team, but the bids quickly escalated. FKS CEO Fawad Sarwar ultimately secured the franchise with a final bid of PKR 1.75 billion.

Hyderabad's franchise fee is several times higher than those of the existing PSL teams. Currently, the highest fee paid by Lahore Qalandars is PKR 670 million. In comparison, Hyderabad's fee is nearly three times more, roughly equal to the combined fees of Lahore, Karachi, and Peshawar.

The base price for the second team was PKR 1.7 billion, and only a few bidders participated. OZ Group, led by CEO Hamza Majid, secured Sialkot with a bid of Rs 1.85 billion. As a result, Sialkot became the most expensive franchise in PSL history. The values of the existing five franchises range between Rs 370 million and Rs 670 million (USD 1.2 million to 2.4 million).

PCB Chairman Mohsin Naqvi said one more team - Multan - will be for sale next year. After Multan Sultans owner Ali Tareen withdrew due to differences with the PCB and PSL authorities, the Pakistan Board said it would run the team this season and will later put it up for sale. Tareen was approved as a bidder and he could have been in the race to buy one of the teams, but he chose not to.

"If I come back to PSL, it has to be for the same reason. South Punjab is where my heart is. It is home. This year, I'll be in the stands, cheering for players and celebrating with the fans. And when the Multan team is being sold, we'll be ready," Tareen said in a social media post before the team auction began.

The 11th season of the PSL will be held from March 26 to May 3.