The two new franchise teams of the Pakistan Super League (PSL) will be named from among Hyderabad, Rawalpindi, Faisalabad, Gilgit, Muzaffarabad and Sialkot, the country’s cricket board announced on Friday.

The list was finalised after the valuation reports for the two new teams were received by the Pakistan Cricket Board (PCB), the board said in a press release, adding that the tender process for the sale of ownership rights “will be formally initiated shortly”.

The PCB also confirmed that the independent valuation process for the existing PSL franchises and other commercial assets has been completed.

Following the conclusion of this exercise, the board said, “renewal offer letters reflecting the new franchise fees for the next 10 years have been formally shared with all compliant PSL franchises, requesting them to revert with their decision within the stipulated timeline”.

“To ensure full transparency and facilitate a clear understanding of the valuations, the PCB has also arranged collective and individual meetings between franchise representatives and the independent valuer (EY MENA),” the statement added.

“These sessions will allow the franchises to review the valuation methodology and discuss any queries.”