PSL Expands To Eight Teams as Sialkot, Hyderabad Fetch Record Bids

The Pakistan Super League (PSL) had expanded to eight teams after record-breaking bids saw Hyderabad and Sialkot added as new franchises following an auction in Islamabad.

The Pakistan Super League (PSL) officially expanded to eight teams after Hyderabad and Sialkot were confirmed as the league’s newest franchises following a high-profile auction in Islamabad that shattered previous valuation records.

After completing ten successful seasons with six teams, the Pakistan Cricket Board (PCB) had long planned an expansion to widen the league’s footprint and strengthen its commercial base. With strong interest from both domestic and international bidders, the 11th edition of the PSL will now feature eight teams competing for the title.

Auction Headlines Mega Response

The auction was held at the Jinnah Convention Centre and was hosted by legendary former pacer Wasim Akram. The base price for the seventh franchise was set at PKR 1.1 billion, but intense bidding quickly pushed the valuation higher. US-based aviation and healthcare conglomerate FKS, led by CEO Fawad Sarwar, secured the Hyderabad franchise for PKR 1.75 billion (USD 6.2 million) after a competitive bidding war with fintech firm i2c.

Encouraged by the aggressive bidding, the PCB increased the base price of the eighth franchise to PKR 1.7 billion. The race for Sialkot saw OZ Developers, a real estate consortium headed by Hamza Majeed, edge past i2c with a final bid of PKR 1.85 billion (USD 6.55 million). This made Sialkot the most expensive franchise in PSL history.

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The new franchise valuations stand in sharp contrast to the existing teams. Lahore Qalandars currently pay the highest annual fee among the original franchises at PKR 670 million, meaning Hyderabad’s valuation is nearly three times higher.

Both new owners expressed strong commitment to Pakistan cricket. FKS highlighted the personal significance of entering the PSL, while OZ Developers underlined Sialkot’s rich sporting heritage and the potential boost the franchise could provide to the city’s globally recognised sports industry.

PCB chairman Mohsin Naqvi welcomed the new franchise owners and confirmed that Multan Sultans, which will be operated by the PCB this season following Ali Tareen’s withdrawal, will be offered for sale next year.