PCB confirms Rs 1.3 billion reserve price for new PSL teams

Rajgeeta Yadav

PCB opens bidding for two new PSL teams at Rs 1.3 Billion [Source: X] PCB opens bidding for two new PSL teams at Rs 1.3 Billion [Source: X]

The PCB has set a reserve price of Rs 1.3 billion per year for each of the two new teams it plans to add to PSL. These new franchises will be part of the next phase of the tournament, starting from the 11th edition of the PSL. The final auction for these teams is scheduled to take place on January 8.

According to sources, the PCB wants to sell each of the two teams at this fixed annual price. So far, around 12 interested parties have submitted their initial bidding documents. This includes five groups from overseas, showing strong foreign interest in the league. 

However, the PCB has not yet announced the final list of bidders. Before doing so, it will carry out financial and technical checks to make sure all bidders meet the required standards.

Earlier this month, the PCB organised PSL roadshows in London and New York to attract international investors. To make the deal more attractive, the board has offered a strong financial guarantee.

Guaranteed Rs 850 million revenue for each PSL franchise

Each franchise will receive at least Rs 850 million per year from the league’s central revenue pool for the next five seasons. If a team earns less than this amount in any season, the PCB has promised to pay the difference itself.

Currently, the PSL has six teams, and each pays a different annual franchise fee. For example, Quetta Gladiators are valued at Rs 360 million, while Multan Sultans are valued much higher at Rs 1.8 billion. Other teams like Lahore Qalandars, Karachi Kings, Islamabad United, and Peshawar Zalmi fall somewhere in between. Once the league expands to eight teams, all franchises will receive an equal share from the central revenue pool.

The PCB has also allowed teams to spend up to USD 1.4 million each on player signings through the PSL draft.

Ex-Multan Sultans owners re-enter bidding process

Interestingly, according to reports, the former owners of Multan Sultans, who recently gave up the team after disputes with the PCB, have submitted bid documents to try and buy one of the new teams. However, there is still uncertainty about who will own Multan Sultans next season. 

There is strong speculation that the PCB may run the team itself for the upcoming PSL season, which is set to begin on March 26 next year.