LAHORE: The Pakistan Cricket Board (PCB)’s Board of Governors (POG) expressed its gratitude following the record-breaking rights bid for the upcoming 11th edition of the Pakistan Super League (PSL), with PCB Chairman Mohsin Naqvi declaring that the league has become a prime destination for investment.
In a meeting chaired by Naqvi, the Board formally approved the annual audited financial statements for the financial year 2024-25.
“PSL has now become a great market for investment,” Naqvi said after the 82nd BoG meeting held at the Gaddafi Stadium in Lahore. “The time is not far when PSL will become the number one league in the world.”
A number of key decisions and approvals were taken, including the approval of the PCB’s Rules of Procedure as per the ICC Global Anti-Corruption Code.
The board gave green light to a letter regarding collaboration with the Saudi Arabian Cricket Federation to develop a cricket stadium in Jeddah. Additionally, the redefinition and renaming of various zones in Lahore was approved.
The Board of Governors paid tribute to Abdullah Khurram Niazi, who has been serving as the Director of Domestic Cricket, for his significant contribution in promoting domestic cricket.
Naqvi lauded Abdullah Khurram Niaji’s steadfast commitment to strengthen the domestic cricket infrastructure, highlighting his consistent efforts and practical approach over the past two years.
“In the last two years, Abdullah Khurram Niazi has worked day and night for the development of domestic cricket,” said Naqvi.
The BoG also expressed its appreciation for the record-breaking rights bid for PSL season 11, hailing it as a major milestone for the league.
Naqvi reiterated his confidence in the league’s trajectory and said the overwhelming response from investors indicates a bright future for Pakistan cricket on the global stage.
This year’s edition marked a new phase in the league’s history, expanding from six to eight teams, with new brands Sialkot and Hyderabad taking center stage during the star-studded auction on January 8.
One of the two new PSL franchises was sold to the Kingsmen (FKS Group) during a historic auction at the Jinnah Convention Centre.
The company owned by Mr Fawad Sarwar emerged as the winning bidder with an offer of Rs1.75 billion ($6,247,500) and successfully took over the helm of the new franchise, later named Hyderabad Kingsmen.
Sialkot became the eighth PSL side to be bought by OZ Developers for a record Rs 1.85 billion in an auction held in Islamabad. The franchise was later renamed Sialkot Stallions.
Following Ali Tareen’s exit from the Multan Sultans franchise, the PCB looked for a new owner.
In February, the bidding war intensified following the final call, with Wally Technologies returning a bid of Rs 2.45 billion and changing its group name to “Rawalpindis”.
However, the situation did not end there. Sialkot Stallions were officially renamed Multan Sultans on March 3 following the majority takeover by CD Ventures.
The announcement was made during a joint press conference attended by Naseer, owner Hamza Majeed and CD Ventures Chairman Gohar Shah.
CD Ventures acquired a majority stake in the franchise which was originally bought by OZ Developers for Rs 1.85 billion in the PSL auction in January.
Following recent developments, Nasir informed that the owner’s valuation has increased to RM2 billion annually.