Metro53 - Islamabad (Web Desk): Pakistan Super League (PSL) has made history with the sale of its two new franchises. The seventh franchise was purchased by FKS Group for Rs 175 crore, while the eighth franchise was sold to Ozid Developers for a record Rs 185 crore.
According to Express News, the auction for the two new PSL teams took place at Jinnah Convention Center in Islamabad, with ten groups initially participating. Ali Tareen Group withdrew at the last moment, leaving nine groups in the bidding process.
For the seventh franchise, the base price was set at Rs 110 crore. ITC Group offered Rs 155 crore, while Prism Group declined to increase their bid after a short interval. FKS Group raised their bid by Rs 13 crore, bringing it to Rs 168 crore. ITC then offered Rs 170 crore, but FKS Group outbid them with Rs 175 crore, winning the auction for the seventh franchise. FKS Group also announced that the team will be named Hyderabad.
The auction for the eighth franchise started with a base price of Rs 170 crore. ITC Group offered Rs 172 crore, followed by M Next Group with Rs 173 crore. ITC then paused bidding. M Next increased their bid to Rs 176 crore, and Ozid Developers responded with Rs 178 crore. ITC countered with Rs 180 crore, and Ozid Developers later raised their bid to Rs 181 crore. ITC offered Rs 182 crore, but Ozid Developers made a huge leap, winning the eighth franchise with a record Rs 185 crore — making it the most expensive PSL team in history.
The successful franchise owners can choose their team’s home city from Rawalpindi, Hyderabad, Faisalabad, Gilgit, Muzaffarabad, and Sialkot.
