Faisalabad (nytoday): The Pakistan Super League (PSL) has officially expanded to eight teams with the inclusion of two new franchises—Hyderabad and Sialkot—following a competitive bidding process held in Islamabad.
The auction for the seventh and eighth PSL teams concluded at the Jinnah Convention Centre, where nine local and international groups participated after former Multan Sultans owner Ali Tareen withdrew from the process. The two new franchises were sold for a combined value of Rs 3.6 billion.
FKS Group successfully acquired the Hyderabad franchise for Rs 175 crore after intense bidding. The process began with a base price of Rs 110 crore, which gradually increased as multiple companies entered the race. After several rounds, FKS outbid competitors, including global fintech firm i2c, to secure the seventh PSL team.
In the second round, Oz Developers from Australia purchased the eighth franchise for Rs 185 crore. The bidding was equally competitive, with i2c and other firms pushing the price close to Rs 180 crore before Oz Developers made the winning bid. The group later confirmed that the team will be named Sialkot.
PSL brand ambassador Wasim Akram announced the base prices, while PCB Chairman Mohsin Raza Naqvi formally handed over the franchise rights to the successful bidders. According to the Pakistan Cricket Board (PCB), both new teams have been awarded 10-year contracts, valid until 2035, with annual franchise fees of Rs 175 crore and Rs 185 crore respectively. The PCB has also guaranteed each new franchise a minimum revenue of Rs 850 million per season for the next five years.
The successful bidders were allowed to choose team names from several cities, including Rawalpindi, Hyderabad, Faisalabad, Gilgit, Muzaffarabad, and Sialkot. Ultimately, Hyderabad and Sialkot were selected.
The auction attracted companies from diverse sectors such as telecom, real estate, energy, fintech, and technology. Notable participants included Jazz, Inverex, i2c, Prism Estates, MNext Inc, and Oz Developers. This marked Oz Developers’ first entry into professional cricket, while FKS Group already owns multiple cricket teams in North America.
The PSL, which began in 2016 with five teams and was initially hosted in the UAE, has now completed a decade of success. The last franchise sale took place in 2018 when Multan Sultans were added. With the inclusion of two new teams, the league continues its growth ahead of Pakistan Super League Season 11, scheduled to be held from March 26 to May 3, 2026.