ISLAMABAD (Urdu Times) PSL; Rawalpindi In, Multan Out, Multan Sultans sold for Rs 2.45 billion

ISLAMABAD (Urdu Times) PSL franchise Multan sold for Rs 2.45 billion, renamed Rawalpindi Pakistan Super League (PSL) franchise Multan was bought by Wali Tech for a historic sum of Rs 2.45 billion.
Chairman Pakistan Cricket Board (PCB) Mohsin Naqvi started the bidding process for Multan Sultans, 5 bidders participated in the bidding process while the base price for the Multan team auction was set at Rs 182 crore.
At the start of the bidding, CD Ventures bid Rs 215 crore and then increased it to Rs 226, after which Wali Tech won the highest bid of the Multan Sultans auction by placing Rs 245 crore.

According to the PCB, a total of 6 proposals were received within the stipulated time, after which 5 bidders were declared technically qualified and participated in the auction.

This process of selling the Multan team has set a new record in the PSL market, as the price of Rs 2.45 billion made it the most expensive franchise.

With the purchase of the franchise, the Wali Technologies Group announced that the team would be named Rawalpindi.

It should be noted that the former owner of Multan Sultans, Ali Tareen, had refused to renew the 10-year ownership agreement, after which the PCB announced the auction of the franchise. However, after the success of the auction of 2 new PSL teams, the Cricket Board decided to auction Multan Sultans as well.

PSL 11 will include 8 teams, including teams from Hyderabad and Sialkot, which will enter the field for the first time, which were recently auctioned.