Multan Sultans Become Most Expensive PSL Franchise After Record Rs2.45bn Auction Ahead of PSL 11
The Pakistan Super League franchise Multan Sultans has been sold for a record Rs2.45 billion after a high-profile auction conducted by the Pakistan Cricket Board on Monday, marking the highest-ever valuation for a PSL team ahead of the league’s 11th edition.
The franchise rights were acquired by Walee Technologies during a star-studded auction held in Lahore. The proceedings began with the recitation of the Holy Quran, followed by the national anthem, setting a formal tone for the event. PSL Chief Executive Officer Salman Naseer welcomed the five qualified bidders before PCB Chairman Mohsin Naqvi officially inaugurated the auction by striking the gong.
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Moderator Sidra Iqbal then outlined the auction rules, while auctioneer Fakhre Alam announced the base price of the franchise at Rs1.82 billion. Soon after, a competitive bidding war unfolded among the interested parties, eventually culminating in a decisive bid of Rs2.45 billion by Walee Technologies. Following the conclusion of the auction, representatives of the winning bidder received the ceremonial key to the franchise from the PCB chairman and announced that the team’s city name would be changed from Multan to Rawalpindi.
The auction followed the exit of former owner Ali Tareen, who chose not to renew the decade-long ownership agreement after the landmark 10th edition of the Pakistan Super League. In the aftermath of his decision, the PCB had temporarily assumed control of the franchise, with Chairman Mohsin Naqvi initially stating that the board would oversee the former champions for PSL 11, scheduled to run from March 26 to May 3. However, the board later reversed its stance and decided to auction the franchise instead.
To facilitate the process, the PCB formally invited bids for the ownership rights last month through a public advertisement. The deadline for the submission of technical proposals was January 30, after which six proposals were received. Five of these were subsequently shortlisted for the final auction.
Addressing a press conference alongside the new owners after the sale, PCB Chairman Mohsin Naqvi described the auction as a major success, crediting months of preparation for the outcome. He said the board’s objective was to take the franchise to the highest possible valuation and expressed satisfaction at achieving that goal. Naqvi also revealed that Prime Minister Shehbaz Sharif had contacted him during the auction, expressing happiness over the progress and direction of the league.
Reflecting on earlier criticism, Naqvi recalled that some had questioned whether the franchise could even reach a valuation of Rs1 billion. He said the final outcome demonstrated that sustained effort delivers results. He also referred to the vision of former PCB chairman Najam Sethi, stating that the value of that vision had grown over time, with international players now regularly coming to Pakistan. According to Naqvi, the PCB’s broader aim is to elevate the Pakistan Super League from being a national flagship tournament to a truly global event.
During the same interaction with the media, Naqvi also commented on recent developments involving the International Cricket Council. A day after marathon meetings with ICC Deputy Chairman Imran Khwaja, he said that many matters should be approached with understanding when engagement is voluntary. Khwaja had arrived in Pakistan on Sunday to discuss the country’s decision to boycott a T20 World Cup fixture against India scheduled for February 15.
Naqvi said it was premature to make definitive statements on the issue, adding that matters relating to Bangladesh were still under discussion. He confirmed that the PCB remained in talks with the ICC and was awaiting a formal response, while noting that several friendly countries had also contacted Pakistan and conveyed their viewpoints. Responding to questions about possible penalties or threats of sanctions, the PCB chairman said he was not afraid of such pressure, nor, he added, was the government.
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