The Pakistan Super League (PSL) expanded to eight teams on Thursday as Hyderabad and Sialkot were officially confirmed as the league’s seventh and eighth franchises, respectively, following the completion of the expansion auction ahead of the upcoming season.
The OZ Developers, owned by Hamza Majeed, secured the ownership of the eighth PSL team with a bid of Rs1.85 billion and named it after Sialkot in the second round of the highly anticipated auction.
The base price for the eighth PSL team was set at Rs1.70 billion after the FKS Group acquired the ownership of the first franchise up for sale for Rs1.75 billion.
In the first round, all 10 qualified bidders competed fiercely, placing massive bids for the new team.
The FKS group owned by Fawad Sarwar emerged as the winner by offering Rs1.75 billion, successfully leading the auction and taking the helm of one of the two new franchises.
This marks the second major expansion in the league’s history.
Previously, Multan Sultans became the first team to be added during the third season of the PSL, increasing the number of teams from five to six.
With this year’s historic 11th edition, two additional teams have been introduced, taking the total from six to eight franchises.
The 11th edition of the PSL is all set to take place from March 26 to May 3, promising another thrilling season of cricket for fans across Pakistan and beyond.
With seven teams already confirmed, nine qualified bidders will compete with even higher bids to secure the rights to the eighth and final team, completing the league’s expansion.
For the unversed, successful bidders were allowed to select a home city from a PCB-approved list that included Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad and Gilgit.
Following the landmark 10th edition of the marquee league, the PCB carried out a valuation process for the existing six franchises. It offered contract renewals to their respective owners, out of which five signed the extension, with the exception of Multan Sultans, which has now been taken under control by the cricket board.
