The Pakistan Super League (PSL) officially entered a new era on Thursday after two new franchises were sold at record prices during a high-profile auction held at Islamabad’s Jinnah Convention Centre, confirming the league’s expansion to eight teams from its 11th edition.
Organised by the Pakistan Cricket Board (PCB), the much-anticipated auction saw 10 pre-qualified bidders compete for the seventh and eighth franchises, marking the first time the PSL will feature eight teams.
Bidding for the seventh team began at 5pm with a base price of Rs1.1 billion. The contest quickly intensified as major corporate groups, including Inverex Solar Energy, Walee, Prism Estate & Builders, OZ Group of Companies, i2c and Southeast Asian holding firm FKS, entered aggressive bidding rounds.
After a series of rapid counteroffers, FKS emerged victorious with a final bid of Rs1.75 billion. Shortly after securing the franchise, FKS owner Fawad Sarwar announced Hyderabad as the team’s home city, bringing top-tier cricket back to the historic Sindh centre.
The auction for the eighth team commenced at 5:50pm with a base price of Rs1.7 billion. The bidding evolved into a close contest among USA-based Aim Next Inc., i2c and OZ Developers, with bids increasing in minimum increments of Rs10 million, as per auction rules.
OZ Developers eventually secured the franchise with a winning bid of Rs1.85 billion — the highest amount ever paid for a PSL team. At 6:30pm, Sialkot was officially confirmed as the home city, adding another iconic cricketing venue to the league.
Under the auction framework, all bids were quoted in Pakistani rupees, with no cap on exceeding minimum increments. Each bidder was also allowed a one-time five-minute strategic timeout per round for internal consultation.
Earlier, the ceremony began with PCB Chairman Mohsin Naqvi distributing prize money to national teams for recent achievements. The Rising Star Asia Cup-winning team received Rs90 million, while the Hong Kong Sixes champions were awarded Rs18.5 million.
Addressing the gathering, Naqvi described the auction as a historic milestone for the PSL, stating that the strong investor response reflected renewed confidence in Pakistan. He congratulated the people of Hyderabad and Sialkot on their cities’ inclusion and assured full PCB support to the new franchises over the next decade.
The PCB had earlier confirmed 10 qualified bidders, including 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 allowed to select home cities from a PCB-approved list comprising Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad and Gilgit.