Multan Sultans became the most expensive franchise in Pakistan Super League (PSL) history after Walee Technologies secured its ownership rights for Rs2.45 billion and announced plans to rename the team Rawalpindi.

The auction ceremony was held on Monday at the Lahore Expo Centre and was attended by PCB Chairman Mohsin Naqvi, former chairman Najam Sethi and legendary batsman Zaheer Abbas.

Bidding for the franchise began at Rs1.82 billion following the record sale of two new teams, Hyderabad and Sialkot.

After technical evaluation, the PCB declared five groups eligible for bidding: DSM (Daharki Sugar Mills), Walee Technologies, CD Ventures, Particle Igniter and M-Next.

DSM, led by former owner Ali Tareen, exited the process at an early stage.

CD Ventures initially offered Rs2.06 billion, followed by bids of Rs2.07 billion from Walee Technologies and Rs2.15 billion from Particle Igniter, triggering an intense contest.

The auction entered a decisive phase when CD Ventures raised the bid to Rs2.35 billion. Walee Technologies then made the highest offer of Rs2.45 billion.

After requesting time for deliberation, CD Ventures declined to submit a further bid, allowing Walee Technologies to secure ownership rights for the next 10 years.

Speaking after the auction, new owner Ahsan Tahir said he chose the name Rawalpindi because he had grown up in the city’s streets and felt a strong personal connection to it.

The PCB had taken over the franchise’s operations after former owner Ali Tareen did not renew the ownership agreement. Following the successful auctions of Hyderabad and Sialkot, the board decided to put the Multan Sultans up for bidding.

With the addition of Hyderabad and Sialkot, PSL 11 will feature eight teams for the first time. The newly named Rawalpindi side will also make its debut under the new identity in the upcoming season.