The Pakistan Cricket Board (PCB) is pushing ahead with plans to expand the Pakistan Super League (PSL), with each of the two new franchises expected to be sold at an annual fee of 1.3 billion Pakistani rupees, sources have revealed. The final auction for the new teams is scheduled to take place on January 8.

In a surprising development, the former owners of Multan Sultans who stepped away from the franchise recently after differences with the PCB, have submitted initial bid documents to re-enter the process. However, uncertainty continues to surround the future of the Multan franchise itself, with strong indications that the PCB may run the team directly for at least the 11th edition of the PSL, which is set to begin on March 26 next year.

According to the PCB, around 12 interested parties, including five overseas groups, have submitted initial bid documents for the two new teams. The board is yet to publish the final list of eligible bidders, with financial and technical due diligence still underway. Earlier this month, the PCB conducted PSL roadshows in London and New York to attract foreign investment and widen the league’s global footprint.

To sweeten the deal, the PCB has guaranteed each franchise a minimum payout of 850 million Pakistani rupees per season from the central revenue pool for the next five editions of the league, starting from PSL 11. If a team’s share falls short of this figure in any season, the PCB has pledged to make up the difference.

While franchise fees for the existing six teams vary significantly, all eight teams in the expanded PSL will receive an equal share from the central revenue pool. Currently, Quetta Gladiators are valued at 360 million rupees, Peshawar Zalmi at 480 million, Islamabad United at 490 million, Karachi Kings at 650 million, Lahore Qalandars at 670 million, and Multan Sultans at a league-high valuation of 1.8 billion rupees.

Franchises have also been informed that they will be permitted to spend up to USD 1.4 million each in the PSL draft to build their squads. Former Multan Sultans owner Ali Tareen had earlier criticised the league’s financial model, claiming structural imbalances had led to sustained losses for certain teams.

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