Rs3.6b auction ushers HBL PSL in new era

Sialkot, Hyderabad franchises added as league expands to eight teams

ISLAMABAD:

History was made on Thursday as the HBL Pakistan Super League (PSL) entered a decisive new phase, with two new franchises sold for a combined Rs3.6 billion in a record-breaking auction, confirming the league's expansion to eight teams from its 11th edition.

The high-profile auction, organised by the Pakistan Cricket Board (PSC) at the Jinnah Convention Centre, attracted intense interest from leading local and international corporate groups, underlining renewed investor confidence in Pakistan's flagship T20 tournament.

Bidding for the seventh franchise opened at a base price of Rs1.1 billion, quickly escalating amid fierce competition involving multiple heavyweights, before the Southeast Asia–based FKS Group secured the team with a winning offer of Rs1.75 billion.

Moments later, FKS chief executive Fawad Sarwar announced 'Hyderabad' as the home city, bringing a major cricketing centre of Sindh into the HBL PSL fold and drawing applause from officials, bidders and invited guests at the venue.

The auction then moved to the eighth franchise, offered with a base price of Rs1.7 billion, where a tense three-way contest unfolded between USA-based Aim Next Inc., i2c and OZ Developers, pushing bids steadily higher in prescribed increments.

After several lead changes and strategic pauses, OZ Developers sealed the deal with a Rs1.85 billion offer — the highest price ever paid for an HBL PSL team — later confirming 'Sialkot' as the franchise's home city.

Under the auction framework, franchises were sold on 10-year agreements, with annual fees matching their winning bids, while the PCB said the process would generate an estimated Rs36 billion for the board over the contract period.

Earlier, the ceremony featured prize distribution for national teams, with Rs90 million awarded to the Emerging Asia Cup-winning Pakistan Shaheens and Rs18.5 million to the Hong Kong Sixes champions, adding celebratory colour to the evening.

Speaking at the conclusion, PCB Chairman Mohsin Naqvi termed the auction a landmark moment, saying: "This is not just expansion, it is a vote of confidence in Pakistan cricket. The HBL PSL is growing stronger, and today's outcome will benefit the game for years."

US Charge d'Affaires Natalie Baker welcomed the strong American participation, noting: "US companies are investing here, and events like this help strengthen trade and sporting ties between our two countries."

OZ Developers' Hamza Majid said the decision to push past budget was deliberate, adding: "We came here to win. Cricket runs in our blood, and Sialkot now has a team to match its rich cricketing history."

FKS owner Fawad Sarwar called the moment deeply personal, saying: "This is the fulfilment of a childhood dream. Hyderabad's inclusion will strengthen the league and also build bridges beyond cricket."

Prime Minister Shehbaz Sharif congratulated the PCB on the successful auction of the new teams for the HBL PSL. He appreciated the efforts of PCB Chairman Mohsin Raza Naqvi and his team involved in organising the tournament.

"By the grace of Allah, the glory of sports has been restored in the country. With time, with the grace of Allah, PSL has become the top among the major leagues in the region," he said in a statement. "The auction of two new teams in PSL is an important milestone for the promotion of cricket in the country."

Shehbaz said that the inclusion of two new teams has breathed a new life into the HBL PSL. "Foreign investment in new teams is a clear proof of the popularity and success of Pakistan Super League at the international level. Cricket fans will enjoy the games of Pakistan Super League this year and new and young talent will get an opportunity," he added.

(WITH INPUT FROM APP)