The Pakistan Cricket Board (PCB) on Wednesday announced that it has received an “exceptional and encouraging” response to its tender for the sale of two new franchises of the Pakistan Super League (PSL), with 12 parties submitting bids within the stipulated deadline.

This comes after the bidding deadline was extended multiple times — initially from December 15 to December 22, and further to December 24 — amid growing interest from investors in Europe, the United States, the Middle East and beyond, following promotional roadshows in London and New York.

The development marks a significant step in the league’s expansion to eight teams from the 2026 season — its first major restructuring since the addition of Multan Sultans in 2018 brought the total to six franchises.

According to the PCB, the bidders hail from five countries — the United States, Australia, Canada, the United Arab Emirates and Pakistan — underscoring the league’s growing global footprint and commercial appeal.

Pakistan-based solar power company Inverex Power Solution, a long-time sponsor of the PSL, also confirmed on Wednesday that it will be bidding for one of the two new franchises.

Reports suggest other interested parties include telecom companies, real estate groups, and consortia involving US-based Pakistani businessmen.

The PCB said the outcome of the initial phase of the bidding process will be announced on December 27. In the next stage, bidders who meet the technical requirements will be invited to take part in an open competition bidding process for the acquisition of the two new teams.

This phase is scheduled to be held on January 8 at the Islamabad Convention Centre.

The PCB reiterated its commitment to conducting the entire process in a transparent and competitive manner, in line with international standards, with the aim of ensuring the sustained expansion and long-term growth of the PSL.

The expansion follows the conclusion of the original 10-year franchise agreements after the 2025 edition, during which five of the existing six teams — Islamabad United, Karachi Kings, Lahore Qalandars, Peshawar Zalmi and Quetta Gladiators — renewed their rights under revised valuations conducted by Ernst & Young.

The status of Multan Sultans remains unresolved amid ongoing disputes.

The successful bidders for the new teams will select from a shortlist of cities including Hyderabad, Rawalpindi, Faisalabad, Gilgit, Muzaffarabad and Sialkot.

The 11th edition of the PSL is scheduled to run from March 26 to May 3, 2026, overlapping with the Indian Premier League, in the April-May window aimed at improving overseas player availability.

The tournament will feature a revised format to accommodate the eight teams within a 39-day period, with matches potentially spread across additional venues including Faisalabad.