The Pakistan Cricket Board (PCB) has opened its doors to bidders interested in buying Team Franchise Rights for a sixth team, to be introduced in the third season of Pakistan Super League (PSL).

Earlier in April, PSL Chairman Najam Sethi had indicated that the existing group of five teams will see an addition team in 2018's PSL.

Explore: Six teams in PSL 2018, tweets Sethi

The PSL management is yet to reveal which city the new team would represent. However, Faisalabad and Sialkot are said to be in the cards.

"Only technically qualified bidders will be allowed to participate further in the process," the PCB stated in a press release issued on Friday.

The idea to add a sixth team to the PSL roster was floated as a possibility in May 2016, but the contract between PCB and the existing franchises restricted the expansion before the second season.

Explore: Franchises prevent entry of sixth team in PSL

The reasoning behind waiting for at least two editions of the PSL before adding a sixth team was so that the existing franchises could "consolidate their fan base".

The PSL has emerged to be a potentially profitable venture for investors, with profits "exceeding expectations" according to Najam Sethi.

The technical proposals will be opened on May 30, 2017, in a ceremony at the National Cricket Academy, Lahore.