PSL Creates History as Seventh Team Sold for Rs 175 Crore, Eighth Franchise Fetches Record Rs 185 Crore

A new chapter was written in the history of the Pakistan Super League (PSL) as the auction process for two new franchises concluded in Islamabad, with the seventh and eighth teams sold for record-breaking amounts. The seventh franchise was acquired by the FKS Group for Rs 175 crore, while the eighth franchise was purchased by OZ Developers for a record Rs 185 crore.

According to reports, the bidding process for the inclusion of two new teams in the HBL PSL was held at the Jinnah Convention Centre, Islamabad. Ten groups initially showed interest, but the Ali Tareen Group withdrew at the last moment, leaving nine parties to participate in the auction.

The base price for the seventh franchise was set at Rs 110 crore. The I2C Group opened the bidding with an offer of Rs 155 crore. After Prism Group opted out, the FKS Group raised the bid to Rs 168 crore. I2C responded with an offer of Rs 170 crore, but FKS Group sealed the deal with a final bid of Rs 175 crore, winning the seventh franchise and announcing Hyderabad as the team’s name.

For the eighth franchise, the base price was set at Rs 170 crore. The bidding began with I2C Group offering Rs 172 crore, followed by MNext Group with Rs 173 crore. After several competitive rounds, OZ Developers entered the race with increasingly higher bids. The contest intensified as I2C raised the offer to Rs 182 crore, but OZ Developers made a decisive jump to Rs 185 crore, securing the eighth franchise and setting a new PSL record. The team was named Sialkot.

OZ Developers’ representative Hamza Majeed said the decision was taken at the last moment but winning the bid was the primary objective, even though the final price exceeded the initial budget.

Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi formally handed over the franchise key to Hamza Majeed. According to the PCB, both the seventh and eighth teams have been sold under a 10-year agreement, with annual franchise fees of Rs 175 crore and Rs 185 crore respectively.

Earlier in the ceremony, PCB Chairman Mohsin Naqvi awarded Rs 90 million to the Rising Stars Asia Cup-winning team, while the Hong Kong Sixes-winning team received a cash prize of Rs 18.5 million.

With the addition of the new franchises, the PSL continues to expand, marking a significant milestone in the league’s commercial growth and popularity.