LAHORE — The Pakistan Super League (PSL) franchise Multan has been sold for a reocrd price and acquired by Walee Technologies.
The bid for the team was approved at 245 crore PKR under a 10-year agreement, making Multan the most expensive PSL franchise.
The auction was held at the Lahore Expo Center. PCB Chairman Mohsin Naqvi attended the event. Former PCB Chairman Najam Sethi and Pakistan batting legend Zaheer Abbas were also present. Owners of Lahore Qalandars, Thameen Rana and Atif Rana, participated in the auction as well.
Five bidders took part in the auction. The base price for the Multan team was set at 182 crore PKR.
According to the PCB, six proposals were received within the stipulated time. After detailed and transparent scrutiny, five bidders were declared technically eligible and participated in the bidding.
The sale of the Multan franchise set a new record in the PSL market. The winning bid of 245 crore PKR made it the most expensive franchise in the league’s history.
Following the acquisition, Walee Technologies announced that the team would be renamed Rawalpindi.
The PSL had assumed management of the Multan Sultans after former owner Ali Khan did not renew the team’s ownership.
After successful auctions for two new PSL teams, the PCB decided to put the Multan Sultans franchise up for auction.
PSL 11 will feature eight teams. Hyderabad and Sialkot will enter the tournament for the first time following their recent successful auctions.
