FSK and OZ Developers joined the league after purchasing teams for a record Rs1.75b and Rs1.85b, respectively
The Pakistan Super League (PSL) took a major step towards expansion on Thursday as two new franchises were sold at record prices during a high-profile auction at the Jinnah Convention Centre, confirming an eight-team competition from the 11th edition of the league.
The highly anticipated auction, conducted by the Pakistan Cricket Board (PCB), featured 10 qualified bidders competing for the seventh and eighth teams ahead of PSL season 11, which will be the league’s first edition with eight franchises.
The auction began at 5pm with the bidding for the seventh team, set at a base price of Rs1.1 billion. What followed was an intense contest involving several corporate heavyweights, including Inverex Solar Energy, Walee, Prism Estate & Builders, OZ Group of Companies, i2c and Southeast Asian holding company FKS.
After a series of aggressive counters that pushed the price well beyond the base valuation, FKS emerged as the winning bidder with a final offer of Rs1.75 billion. Shortly after securing the franchise, FKS owner Fawad Sarwar confirmed that the team would represent Hyderabad, a major cricketing centre in Sindh. The announcement was made at 5:30 pm, drawing applause from officials and bidders alike.
The focus then shifted to the auction for the eighth team, which commenced at 5:50 pm with a base price of Rs1.7 billion. The bidding quickly turned into a duel involving USA-based Aim Next Inc., i2c and OZ Developers, with the price rising in steady increments of at least Rs10 million, as stipulated by the auction rules.
After multiple lead changes, OZ Developers sealed the deal with a winning bid of Rs1.85 billion, the highest price paid for a PSL franchise to date. At 6:30 pm, Sialkot was confirmed as the home city for the eighth team, adding another historic cricketing hub to the PSL map.
Under the auction framework, all bids were quoted in Pakistani rupees, with bidders allowed to exceed the minimum increment without restriction. Each participant was also permitted a single five-minute strategic timeout during a round to consult advisers, though communication with rival bidders was prohibited.
Earlier, the ceremony began with Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi awarding prize money to national teams for recent achievements.
The Rising Star Asia Cup-winning team received Rs90 million, while the team that won the Hong Kong Sixes was awarded Rs18.5m.
Addressing the event, Naqvi termed the auction a historic moment for the PSL, stating that investor confidence in Pakistan was being restored. He said the successful auction was a victory for cricket fans and congratulated the people of Hyderabad and Sialkot on the inclusion of their cities in the league.
The PCB chairman assured full support from the board to the new franchises over the next decade and congratulated the nation on the expansion of the PSL, reiterating the commitment to strengthening both the league and cricket in Pakistan.
The PCB had confirmed the list of 10 qualified bidders, which included Inverex Solar Energy, OZ Group of Companies, VGO TEL Mobile, Jazz, DSM, i2c, Prism Estate & Builders, Walee, Aim Next Inc. and FKS. Successful bidders were granted the right to select a home city from a PCB-approved list that featured Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad and Gilgit.
