Sialkot becomes eighth PSL team, purchased by OZ Developers for Rs1.85 billion

ISLAMABAD: The OZ Developers, owned by Mr Hamza Majeed, have acquired the ownership rights of the eighth Pakistan Super League (PSL) franchise at the star-studded auction, underway here at the Jinnah Convention Centre on Thursday.

After the FKS Group acquired the first franchise up for sale by offering Rs1.75 billion ($6,247,500), the base prize for the second team was set at Rs1.70 billion, intensifying the bidding war between the participants.

All eight qualified bidders competed fiercely, placing massive bids for the new team.

The company owned by Mr Majeed eventually emerged as the winner by offering Rs1.85 billion, successfully leading the auction and taking the helm of the new franchise, which they named after Sialkot.

This marks the second major expansion in the league's history.

Previously, Multan Sultans became the first team to be added during the third season of the PSL, increasing the number of teams from five to six.

With this year's historic 11th edition, two additional teams have been introduced, taking the total from six to eight franchises.

The 11th edition of the PSL is all set to take place from March 26 to May 3, promising another thrilling season of cricket for fans across Pakistan and beyond.

For the unversed, successful bidders were allowed to select a home city from a PCB-approved list that included Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad and Gilgit.

Following the landmark 10th edition of the marquee league, the PCB carried out a valuation process for the existing six franchises. It offered contract renewals to their respective owners, out of which five signed the extension, with the exception of Multan Sultans, which has now been taken under control by the cricket board.