In a competitive auction held in Lahore, Walee Technologies secured the Pakistan Super League (PSL) franchise Multan Sultans. The company paid a record Rs2.45 billion, marking the highest franchise valuation in PSL history.
The auction started with the recitation of the Holy Quran, followed by the national anthem. PSL CEO Salman Naseer welcomed five qualified bidders. Then, PCB Chairman Mohsin Naqvi officially opened the event by striking the ceremonial gong.
Auctioneer Fakhre Alam announced the franchise’s base price at Rs1.82 billion. Bidding quickly intensified as all parties competed for ownership. Walee Technologies ultimately offered Rs2.45 billion, winning the auction decisively.
After the announcement, PCB Chairman Naqvi handed the celebratory key to the new owners. In a surprising decision, they announced they would change the franchise’s city name from Multan to Rawalpindi.
Ownership Transition and Auction Background
Former owner Ali Tareen, who held the franchise for ten years, chose not to renew his contract after PSL’s landmark 10th edition. Consequently, the PCB temporarily took control of the team. The board initially planned to manage the Sultans for PSL 11, scheduled from March 26 to May 3.
Later, the PCB decided to auction the franchise to the highest bidder. It invited ownership proposals through an official advertisement last month. The board set January 30 as the deadline for technical submissions. Out of six applications, the board shortlisted five to participate in the auction.
PCB Chief Calls Auction a Milestone
Addressing the press alongside the new owners, PCB Chairman Mohsin Naqvi hailed the auction as a major success. He said months of preparation helped maximize the franchise’s value. “We aimed to take the team to the highest possible price,” he explained.
Naqvi added that Prime Minister Shehbaz Sharif personally called during the auction to congratulate the board. “He [PM Shehbaz] appreciated our progress,” Naqvi said.
He also responded to critics who doubted the franchise could surpass a Rs1 billion valuation. “The results speak for themselves. When effort is applied, success follows,” he said. He highlighted former PCB chairman Najam Sethi’s vision, noting that the dream gained value as international players returned to Pakistan.
The PCB chief concluded by stating that the board wants to transform the PSL into more than Pakistan’s premier cricket tournament. He emphasized that they are positioning the league as a major global sporting event.
