The auction process for two new Pakistan Super League (PSL) teams has concluded in Islamabad, with the franchises sold for 1.75 billion PKR and 1.85 billion PKR respectively.
The seventh PSL team, Hyderabad, was acquired by Fawad Sarwar of the FKS Group with a winning bid of 1.75 billion PKR. This investment group, which already owns various cricket teams in the United States, chose Hyderabad as their home city.
Meanwhile, the eighth team, Sialkot, was secured by OzZ Developers with a successful bid of 1.85 billion PKR.
These bidding amounts represent the annual franchise fee that the owners of the seventh and eighth teams will pay to the Pakistan Cricket Board (PCB). The winning franchises have been granted rights for 10 years (until 2035), with a “First Right of Refusal” for renewal thereafter. According to the bid documents, the PCB has guaranteed each new franchise a minimum revenue of 850 million PKR per season for the next five seasons.
While ten bidders were initially shortlisted, Ali Tareen, the former owner of Multan Sultans, announced his withdrawal from the process shortly before the ceremony.
“We Want to Build a Cricket Stadium in Hyderabad”
Fawad Sarwar, head of FKS Group, stated: “We came with one mindset—that we had to take Hyderabad, and we did.”
FKS Group is a diversified investment firm that owns several cricket teams in North America, including DFW Kingsmen and Kingsmen X.
“We have been waiting for a long time,” Sarwar said. “My sister and I grew up in Hyderabad. I studied there until the 10th grade, and my father worked at Fateh Mills. I’ve played cricket since childhood and even watched the Pakistan vs. Sri Lanka match at Niaz Stadium in 1992.”
When asked about reconstructing the Hyderabad stadium, he replied: “Will the PCB allow us to improve the ground’s infrastructure? This is very important to us. We have already built a stadium in Houston and are currently building one in Vegas. We have the experience, and without infrastructure, things become difficult.”
“A Gift of a Cricket Team for Sialkot”
Hamza Majeed of OzZ Developers, the buyers of the Sialkot team, said: “I came here determined to walk away a winner.”
The Australia-based OzZ Group is entering the cricket arena for the first time. According to the group head, who moved back to Pakistan with his family and business two years ago, the name “OzZ” is derived from the Australian slang term “Aussie.”
Hamza shared that his team had been planning this move for two and a half years. Although he grew up abroad, he is originally from Lahore and returned to Pakistan in 2023.
“We all love the pressure of cricket, and the passion for the sport in Sialkot is incredible,” Hamza said. “The people of that city built their own airport and airline; now, we have gifted them a cricket team.”
What Happened During the “Bidding War”?
In the first round, the reserve price was set at 1.1 billion PKR. Inverex started the bidding at 1.11 billion, but other companies quickly pushed it to 1.25 billion.
Eventually, only I2C and FKS remained in the fray. When I2C bid 1.42 billion, FKS countered, pushing the price to 1.55 billion. After a brief pause, I2C raised the stakes to 1.7 billion, but they had no answer when FKS placed the final bid of 1.75 billion PKR.
For the eighth team, the starting price was set at 1.7 billion PKR. After a series of intense rounds and several “five-minute breaks” requested by bidders to consult, the price climbed steadily. In the final seconds of the timer, I2C bid 1.82 billion, which was immediately countered by OzZ Developers with 1.85 billion PKR. With no further bids, Sialkot was awarded to the Australian-based group.
Why Add Two New Teams Now?
This expansion comes after an eight-year gap. The PSL began in 2016 with five teams. The PCB, the sole regulatory body of the league, planned to increase the number of teams from six to eight starting in 2026 (the 11th season).
Previously, adding teams was difficult due to the “Central Revenue Pool” model, where 95% of broadcast and sponsorship revenue is split among franchises. Adding more teams would have diluted the profits of existing owners. However, with new media and commercial cycles beginning soon, the PCB decided the time was right for expansion.
Current Status of the Original Six Teams
While all other franchises have extended their contracts, Multan Sultans is currently under PCB management after Ali Tareen did not seek an extension. The PCB will run the team for the upcoming season before selling it to a new buyer.
Based on new valuations, here is the current standing of the original franchises:
- Lahore Qalandars: 670 million PKR (Most expensive)
- Karachi Kings: 638.7 million PKR
- Peshawar Zalmi: 487.5 million PKR
- Islamabad United: 470 million PKR
- Multan Sultans: 1.375 billion PKR (New valuation)
- Quetta Gladiators: 359.5 million PKR (Lowest valuation)
