Ahead of the expiration of the current franchises’ contracts in December, the Pakistan Super League (PSL) administration has prepared for a decade-long new venture based on valuation reports compiled by chartered firms.
According to a statement issued by the Pakistan Cricket Board (PCB), the franchise market value will be decided by the chartered firms, and only eligible franchises will get a contract.
In a meeting with Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi on Sunday, charter firm’s representatives, Chief Executive Officer (CEO) PSL Salman Naseer and Chief Operating Officer (COO) Sameer Syed, shared a valuation report.
Chairman Naqvi, following a review and inquiring about the report, directed them to meet franchise owners to sign a new contract as soon as possible.
The new contract will be signed on the basis of the valuation report, and the chartered firm will suggest a new value.
In 2015, Karachi Kings was bought for $2.6 million, Lahore Qalandars for $2.5 million, Peshawar Zalmi for $1.6 million, Islamabad United for $1.5 million, and Quetta Gladiators for $1.1 million.
In 2017, Multan Sultans were bought for an annual fee of $6.35 million.
Notably, the PCB, in its statement, categorically mentioned that the contracts will only be renewed with “eligible” franchises.
The reiteration came amid a standoff between the PSL management and franchise Multan Sultans, who were accused by the PCB of violating several clauses listed in its 10-year contract.
