New PSL team owners meet Prime Minister Shehbaz Sharif

ISLAMABAD: The owners of the two new Pakistan Super League (PSL) teams met Prime Minister Mian Muhammad Shehbaz Sharif at the Prime Minister's House on Friday, accompanied by PCB Chairman Mohsin Naqvi.

The meeting was also attended by Federal Minister for Information Attaullah Tarar, PSL CEO Salman Naseer and PCB Chief Operating Officer Syed Samir Ahmed.

The historic auction, held at the Jinnah Convention Centre, marked the beginning of the league's expansion for its 11th edition. 

OZ Developers, owned by Hamza Majeed, secured ownership of the eighth franchise in a star-studded bidding process.

After FKS Group acquired the first new franchise, Hyderabad, by offering Rs1.75 billion ($6,247,500), the base price for the second team was set at Rs1.70 billion, sparking intense competition among all eight qualified bidders.

Mr Majeed's company emerged victorious by offering Rs1.85 billion, successfully winning the auction and naming the new franchise after Sialkot.

This represents the second major expansion in PSL history. 

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

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

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

Successful bidders were allowed to select a home city from a PCB-approved list, which included Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad and Gilgit.

Following the landmark 10th edition of the PSL, the PCB conducted a valuation of the existing six franchises and offered contract renewals to their respective owners. 

Five franchises signed the extension, while Multan Sultans are now under the direct control of the cricket board.