The auction was held at the Jinnah Convention Centre in Islamabad and was attended by Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi, federal ministers, senior officials and players.

Proceedings began with the introduction of 10 bidders and six shortlisted cities.

PCB Chairman Mohsin Naqvi formally opened the auction by ringing the bell, while former Pakistan captain Wasim Akram served as the auctioneer.

Bidding for the seventh PSL team opened at Rs1.1 billion and saw a competitive contest between FKS Group and I2C Group.

FKS Group secured the franchise with a winning bid of Rs1.75 billion and selected Hyderabad as the team’s home city.

In the second and final round, bidding for the eighth team began at Rs1.7 billion.

OZ Developers emerged as the highest bidder, acquiring the most expensive franchise for Rs1.85 billion and naming the team Sialkot.

With the addition of Hyderabad and Sialkot, the number of PSL teams has increased from six to eight, marking a significant milestone in the league’s growth.

Addressing the ceremony, Mohsin Naqvi congratulated the successful bidders and praised the efforts of the PCB and PSL management in strengthening the league.

The event also featured prize distribution for national teams.

The Pakistan Shaheens and the Hong Kong Sixes team were honoured for recent tournament successes.

The PCB awarded Rs90 million to the Rising Stars Asia Cup-winning team, while the Hong Kong Sixes champions received Rs1.85 million in prize money.

The 11th edition of the PSL will be held from March 26 to May 3, 2026, featuring all eight teams in action: Karachi Kings, Peshawar Zalmi, Lahore Qalandars, Islamabad United, Quetta Gladiators, Multan Sultans, Hyderabad, and Sialkot.

New teams to generate Rs36bn in next 10 years

Chairman PCB Mohsin Naqvi said the auction was successfully completed and projected that the new teams will generate Rs36 billion in revenue over the next 10 years.

He added that four to five US-based companies participated in the bidding, and commended Pakistani-origin bidders living overseas for their love of cricket.

US Ambassador to Pakistan, Natalie Baker, congratulated the successful bidders and noted the growing interest of American business in Pakistan cricket.

“Both countries’ relations are strengthening through such initiatives,” she said.

Hyderabad franchise owner Fawad Sarwar described the acquisition as a lifelong dream come true, saying, “We love cricket and will contribute to its growth and improvement.”

Sialkot owner Hamza Majeed said, “Cricket is in our blood. Overseas Pakistanis stand with Pakistan. After airports and airlines, now a cricket team is here. Our target is to win the 11th edition of PSL.”