Islamabad United sign PSL franchise contract extension for next decade
United become fifth team to renew PSL franchise contract, joining Qalandars, Zalmi, Gladiators and Kings
LAHORE: Three-time champions Islamabad United have renewed their Pakistan Super League (PSL) franchise contract for the next 10-year cycle, the Pakistan Cricket Board (PCB) announced on Tuesday.
According to the cricket board, one of the most decorated franchises of the marquee league renewed its contract at the newly assessed valuation, which the PCB described as a reflection of United's continued confidence and belief in the commercial strength of the PSL.
The valuation of the six existing franchises was set following a comprehensive evaluation carried out by a globally recognised audit and advisory organisation.
"The franchise agreement of Islamabad United, one of the most decorated teams in the HBL PSL with three titles, has been renewed for another 10 years, ensuring the team stays with its existing owners," the PCB said in a statement.
"The owners of the pioneering and consistently high-performing franchise have extended their agreement at the updated market valuation determined by Ernst & Young - one of the world’s most credible and respected audit and advisory firms.
"This extension reflects the continued confidence and belief that key stakeholders place in the commercial strength and long-term brand value of the HBL PSL, which is set to expand to an eight-team league from its 11th edition next year."
Reacting to the development, PCB Chairman Mohsin Naqvi expressed enchantment and labelled United's owner Ali Naqvi as an " exemplary partner", further crediting his dedication and professionalism in uplifting both the PSL and the franchise.
Naqvi further stated that United's decision to renew its contract reflects its trust in PSL's growth and long-term potential, while vowing to continue building the partnership and new landmarks in collaboration.
"I am delighted that Islamabad United will continue its journey with the HBL PSL for another decade. Mr. Ali Naqvi has been an exemplary partner whose dedication and professionalism have strengthened both their franchise and the league. Their decision to renew reaffirms the trust placed in the HBL PSL’s vision, growth, and long-term potential," Naqvi said in a PCB-released statement.
"Islamabad United have consistently set high standards on and off the field, contributing significantly to the league's development. The PCB looks forward to building on this partnership and achieving new milestones together."
It is pertinent to mention that United have become the fifth PSL franchise to renew their contract for the next 10-year cycle, joining Lahore Qalandars, Peshawar Zalmi, Quetta Gladiators and Karachi Kings.
The announcements of the PSL franchise contracts renewals followed the finalisation of the independent valuation process and other commercial assets by the PCB earlier this month.
Following the completion of the process, the cricket board issued renewal offer letters to all compliant PSL franchises, detailing the revised franchise fees for the upcoming 10-year cycle.
Franchises were asked to respond within the specified deadline.
To ensure transparency and provide complete clarity on the valuation process, the board arranged both joint and individual meetings between franchise officials and the independent valuer, EY MENA.
Notably, besides renewing the contracts of the six existing franchises, the upcoming 11th edition of the marquee league will mark the addition of new teams, the representative teams for which have yet to be finalised.
Meanwhile, the PCB also received valuation reports for two new PSL teams. Interested bidders will be able to select from the following shortlisted city names:
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