New record amount in PSL, seventh team sold for Rs 175 crore, 8th franchise sold for Rs 185 crore

New record amount in PSL, seventh team sold for Rs 175 crore, 8th franchise sold for Rs 185 crore
The auction process for two new teams of the Pakistan Super League (PSL) has been completed, where the seventh franchise was bought by FKS Group for Rs 175 crore, while the eighth franchise was bought by OZ Developers for a record Rs 185 crore.
The bidding process for adding two new franchises to the HBL PSL was completed today at the Jinnah Convention Center in Islamabad, in which ten groups participated, however, Ali Tareen Group withdrew from the auction just in time, later 9 groups participated in the auction.

The initial amount for the auction of the seventh franchise was set at Rs 1.10 billion, I2C Group bid Rs 1.55 billion, Prism Group refused to increase the bid further after a five-minute break.

FKS increased the bid by Rs 130 million, which brought the bid to Rs 1.68 billion. I2C bid Rs 1.70 billion for the new PSL team, but FKS Group won the auction for the seventh franchise by bidding Rs 1.75 billion and announced that the franchise would be named Hyderabad.

Auction of the eighth team

A mere Rs 170 crore was set aside for the bid for the eighth PSL team, for which I2C Group first offered Rs 172 crore, in response to which MNext Group offered Rs 173 crore, but I2C then took a break.

MNext bid Rs 176 crore after the break, Oz Developers offered Rs 178 crore.

I2C bid Rs 180 crore, while Oz Developers took a break and increased it by Rs 1 crore on its return to bid Rs 181 crore, while I2C offered Rs 182 crore.

All records were broken for the bid for the eighth team of the PSL. Oz Developers made a big leap in the bidding and successfully bid the highest amount of Rs 185 crore for the eighth team of the PSL and bought the most expensive team in the league.

Hamza Majeed of Oz Developers said regarding the record bid that Hamza Majeed of Oz Developers said that there was a plan in advance but the decision was made at the right time, there was a budget but the budget went up a little but we had to win today.

Hamza Majeed announced that the name of the eighth team of the PSL will be Sialkot.

PCB Chairman Mohsin Raza Naqvi handed over the key of the eighth team to Hamza Majeed of Oz Developers.

According to the PCB, the seventh and eighth teams of the PSL have been auctioned under a 10-year contract and both the teams will renew their contracts by paying an annual fee and the one-year fee is Rs 175 crore and Rs 185 crore respectively.

Earlier, at the start of the ceremony, PCB Chairman Mohsin Naqvi gave a prize money of Rs 9 crore to the team that won the Rising Star Asia Cup. The team that won the Hong Kong Sixes was given a prize of Rs 18.5 million. The winning parties have the option to choose the names of the teams from Rawalpindi, Hyderabad, Faisalabad, Gilgit, Muzaffarabad and Sialkot.