The Pakistan Super League reached a major landmark on Thursday with the successful auction of two new franchises in Islamabad, as Hyderabad was sold for Rs175 crore while Sialkot set a new record at Rs185 crore.
The auction, held at the Jinnah Convention Centre, officially expanded the PSL from six to eight teams ahead of the tournament’s 11th season in 2026.
PCB Chairman Mohsin Naqvi, along with federal ministers, senior cricket officials, former cricketers and representatives of bidding consortiums, attended the high-profile event. The proceedings began with Naqvi ringing the ceremonial bell to formally open the auction, while former Pakistan captain Wasim Akram served as the auctioneer.
PSL auction mechanics
At the start of the event, nine bidders and six shortlisted cities were introduced. The base price for the franchises was set at Rs110 crore, with a mandatory minimum increment of Rs1 crore per bid. The bidding field had been reduced from 10 to nine after former Multan Sultans owner Ali Tareen withdrew shortly before the auction began.
The first franchise, PSL’s seventh team, witnessed an intense contest. i2c initially raised the bid to Rs155 crore, while Prism opted not to continue after a brief pause. FKS then accelerated the bidding, eventually edging past i2c with a winning offer of Rs175 crore. Following the successful bid, FKS confirmed Hyderabad as the name and home city of the new franchise.
Record eighth franchise
The auction for the eighth team proved even more competitive. The base price was fixed at Rs170 crore, with i2c, Aim Next and OZ Developers all actively involved. After a series of rapid bids and time-outs, OZ Developers made a decisive jump to Rs185 crore, the highest price ever paid for a PSL franchise.
Hamza Majeed of OZ Developers later confirmed that the team would be named Sialkot, cementing the city’s entry into the league as the most expensive franchise in PSL history.
Pakistan Shaheens honoured
Before the bidding commenced, the PCB honoured Pakistan Shaheens for winning the Men’s Rising Stars Asia Cup and the national side that claimed the Hong Kong Super Sixes title. The Shaheens received a prize of Rs90 million, while the Hong Kong Super Sixes winners were awarded Rs18.5 million.
Speaking at the event, PSL chief executive Salman Naseer said the league’s first decade had been defined by both challenges and growth, adding that the PSL was no longer fighting for survival but moving firmly towards expansion and global recognition.
Pakistan Super League
The HBL PSL 11 is scheduled to run from 26 March to 3 May 2026. With Hyderabad and Sialkot now confirmed, the league will feature eight teams for the first time, signalling a significant new chapter in Pakistan’s premier T20 competition.
Source: Dunya News
