A Pakistan-based financial technology firm has acquired a Pakistan Super League franchise for a record annual fee of $8.8 million (approximately INR 80 crore), making it the most expensive team in the league’s history.
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Walee Technologies emerged as the successful bidder for former champions Multan Sultans at an auction held in Lahore, surpassing all previous franchise valuations in the PSL. The sale comes after the Pakistan Cricket Board (PCB) expanded the league to eight teams this season, beginning March 26. Last month, Sialkot and Hyderabad were added to the competition after being sold for $6.55 million and $6.2 million, respectively, with Sialkot previously holding the record for the highest-priced franchise.
Shortly after sealing the deal on Sunday, Walee Technologies announced that the Multan Sultans brand will be discontinued, with the franchise set to be rebranded as Rawalpindi, the hometown of the new owners.
“The journey ahead is going to be highly exciting in the coming weeks, months and years as we will continue to amaze our fans with various developments,” Walee chief executive Ahsan Tahir said in a statement on Monday.
Initially, the PCB had planned to operate the Multan franchise itself for the upcoming season after former owner Ali Tareen declined to renew his contract following disagreements with the board late last year. However, after the strong response to the sale of the Sialkot and Hyderabad teams, the PCB reversed its decision and put Multan up for auction, resulting in a record-breaking bid.
