Mohsin Naqvi vows to spend investments on cricket development after PSL auction

ISLAMABAD: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi expressed his determination to uplift cricket's infrastructure in the country after two Pakistan Super League (PSL) franchises were sold for a collective Rs3.6 billion at the star-studded auction, held here at the Jinnah Convention Centre on Thursday.

The marquee league, kick-started with five teams in 2016 and later expanded to six sides in 2018, underwent further expansion with the addition of two new franchises, bought by FKS Group and OZ Developers, who named them after Hyderabad and Sialkot, respectively.

FKS Group took the helm of the seventh team with a bid of Rs1.75billion, while OZ Developers bought the eighth side for Rs1.85 billion.

Following the conclusion of the star-studded auction, moderated by legendary Pakistan pacer Wasim Akram, PCB Chairman Naqvi addressed the media, during which he expressed delight over the outcome of the historic event.

Naqvi then shared his post-PSL auction plans, including the renovations of iconic venues like National Bank Stadium Karachi, while also reiterating his goal of building a state-of-the-art cricket academy.

"All of the Pakistani nation is taking pride in the sale of two new PSL franchises. The incoming capital will be spent on sports in Pakistan," Naqvi told reporters.

"We will do more work on cricket in the coming days. We will work on new cricket stadiums," he added.

The PCB Chairman also welcomed the investment in Pakistan from several companies based in the United States of America (USA).

He further revealed that around five bidders were USA-based companies, including the owner of FKS Group, Fawad Sarwar.

"Fawad Sarwar is Pakistani and has been living in the US for 20 years. Four to five bidders included American companies. Investment in Pakistan is underway with the US."