ISLAMABAD: Sialkot and Hyderabad are set to feature in the 11th edition of the Pakistan Super League (PSL) later this year after the cities were picked as the two new franchises of the league for a combined Rs3.6billion in a keenly contested auction here at the Jinnah Convention Centre on Thursday.

Real estate company OZ Developers secured the Sialkot franchise with a record bid of Rs1.85 billion per annum, while US-based FKS Group acquired the Hyderabad team for Rs1.75 billion per annum.

The rights for both franchises were sold for a 10-year period, meaning the Pakistan Cricket Board (PCB) will receive a total of Rs36 billion from the two new owners.

With these additions, the PSL will expand to eight teams for its 11th edition, scheduled from March 26 to May 3. The existing six franchises are Lahore Qalandars, Islamabad United, Peshawar Zalmi, Quetta Gladiators, Karachi Kings and Multan Sultans.

The auction, moderated by legendary former fast bowler Wasim Akram alongside PSL CEO Salman Naseer, drew considerable interest from overseas investors.

Hamza Majeed of OZ Developers, a Punjabi settled in Australia, chose Sialkot as the team’s base, citing his regional roots. Fawad Sarwar of FKS Group, a US-Pakistani originally from Hyderabad and settled in the United States for 26 years, selected the city of his birth.

Flanked by the successful bidders, US Chargé d’Affaires ad interim Natalie A. Baker, PCB chief operating Officer Sumair Ahmad Syed and Lahore Qalandars owner Atif Rana, PCB chairman Mohsin Naqvi described the event as a “big day” for Pakistan and its cricket.

“This is a success of Pakistan and its cricket,” Mohsin said, highlighting the participation of overseas Pakistanis following the recent successful privatisation of Pakistan International Airlines.

He noted the strong interest from US-based companies, terming it a sign of growing investor confidence in the country.

“HBL PSL New Teams Auction has been nothing short of spectacular – record-breaking bids, passionate investors, and two incredible new franchises joining our family,” he posted on X later. “FKS Group takes Hyderabad for PKR 17.5 billion, OZ Developers claim Sialkot for PKR 18.5 billion – a breathtaking PKR 36 billion over 10 years!”

This is love, belief, and pure emotion flooding into our game. Hyderabad & Sialkot – welcome home.

Other qualified bidders included Aim Next Inc, Deharki Sugar Mills, Inverex Solar, i2c, Jazz, Prism Developers, VGO Tel and Walee Pakistan.

Former Multan Sultans owner Ali Tareen’s group had initially shown interest but withdrew from the auction.

“Our time with Multan Sultans was never just about owning a cricket team. It was about south Punjab,” Tareen wrote in a post on X. “[It was] about giving a voice to a region that had been overlooked for too long. That’s what drove everything we built.”

Tareen added that if he were to return to the league, it would have to be for the same reason, stating that south Punjab “is where my heart is”.

The Sultans, currently without an owner after the PCB declined to renew Tareen’s contract, will be managed directly by the board for the upcoming season.

Mohsin explained that auctioning the Sultans alongside the new teams was considered but deferred due to time constraints, adding that it would be put up for sale before the next edition.

Ahead of the bidding, Mohsin awarded Rs90 million to the Pakistan team that won the Emerging Asia Cup and Rs18.5 million to the side that clinched the Hong Kong Sixes title.

The bidding deadline had been extended multiple times — from December 15 to 22 and then to 24 — following promotional roadshows in London and New York that attracted interest from Europe, the US and the Middle East.

The potential cities for the new franchises were Faisalabad, Gilgit, Hyderabad, Muzaffarabad, Rawalpindi and Sialkot.

The new owners expressed delight at fulfilling a long-held dream and thanked the PCB for its support during the process. Mohsin praised the board’s efforts in organising roadshows that contributed to the historic outcome.

Published in Dawn, January 9th, 2026