Lahore: The Pakistan Super League (PSL) ushered in a new era on Thursday with the formal induction of Sialkot and Hyderabad as its newest franchises, completing the league’s long-anticipated expansion to eight teams. The landmark auction not only added competitive depth but also shattered previous financial records, underscoring the PSL’s growing commercial strength.
Held amid strong local and international interest, the expansion auction saw franchise valuations climb to unprecedented heights, highlighting the league’s rapid rise as one of the region’s most valuable sporting properties. Both teams are set to make their debut in PSL 11, scheduled from March 26 to May 3.
Sialkot was awarded to OZ Group at a record annual fee of Rs1.85 billion, the highest in PSL history. Hyderabad followed closely, with FKS Group securing the franchise for Rs1.75 billion per year, making it the second most expensive team in the league.
These figures represent a significant shift in the PSL’s financial landscape. Hyderabad’s valuation alone is nearly three times higher than that of Lahore Qalandars, previously the most expensive existing franchise at Rs670 million annually. Combined, the annual fees of the two new teams are roughly equal to the value of three established franchises, reflecting the league’s exponential growth since its launch.
Speaking at a press conference alongside the new franchise owners, PCB Chairman Mohsin Naqvi said the auction attracted strong international participation, including five US-based companies, making the bidding process “extremely competitive.” He emphasized that special steps were taken to ensure full transparency, calling the auction a success for both the PSL and the Pakistan Cricket Board.
Highlighting the Hyderabad acquisition, Naqvi said FKS Group President Fawad Sarwar—who has lived in the United States for over two decades—retains strong ties to Pakistan. He noted that Sarwar’s investment demonstrated his continued connection to the country and credited the PCB’s overseas roadshows for drawing foreign investors.Referring to the Sialkot franchise, Naqvi said Hamza Majeed of OZ Developers, currently based in Australia, had also shown a strong commitment to Pakistan cricket. He added that with eight teams now part of the PSL, efforts would be made to further strengthen the league, including infrastructure development in both Sialkot and Hyderabad.
Fawad Sarwar described the acquisition as the realization of a long-standing personal ambition.