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The new frontiers of cricket: PSL expands from millions to billions
The two franchises have been procured for a combined annual fee of Rs3.6 billion, about a third more than that of all the existing teams combined
- PUBLISHED: Mon 23 Mar 2026, 11:25 AM
- By:
- Ghulam Haider
The Pakistan Super League (PSL) crossed a major threshold this time around, one that goes far beyond cricket. With the official expansion to eight franchises, the PSL didn’t just grow in size — it made a statement about where Pakistani sports, business, and foreign investment are headed next.
At a high-profile auction held at Islamabad’s Jinnah Convention Centre, Hyderabad and Sialkot were confirmed as the league’s two newest teams for the 11th season, scheduled to run from March 26 to May 3, 2026. What followed was not merely an administrative exercise, but a dramatic, headline-grabbing bidding war that redefined how valuable the PSL has become — and how seriously global investors are now taking it.
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By the time the gavel came down, the two new franchises had been sold for a combined annual fee of Rs3.6 billion (around $13 million). Over the next decade, that guarantees roughly Rs36 billion flowing into the Pakistan Cricket Board (PCB) from these two teams alone. For context, that figure exceeds what the league’s five most expensive existing franchises pay combined each year.
The message was unmistakable: the PSL is no longer a fledgling league finding its feet. It is a premium sporting asset — and one capable of attracting serious foreign capital. The road leading up to the venue was lined with PSL branding and billboards announcing the auction. The mood inside the Convention Centre was closer to a product launch than a boardroom meeting. Presiding over it all was Wasim Akram. The former captain and “Sultan of Swing” proved just as comfortable running proceedings as he once was dismantling batting line-ups.
With a room full of federal ministers, business tycoons, tech executives, and overseas investors, Wasim Akram kept the pace sharp and the tension high.
The base price for the first franchise — the league’s seventh — was set at PKR 1.1 billion, already nearly double what most existing teams pay. It didn’t take long for that figure to feel outdated.
FKS, a US-based conglomerate led by CEO Fawad Sarwar, surged ahead early. As bids climbed, PSL CEO Salman Naseer stepped in with a reminder for viewers watching live on television and online. “Remember,” Naseer said calmly, “this is an annual fee, not a one-time payment.”
It was a subtle but crucial clarification. These weren’t vanity purchases. These were recurring commitments, renewed every year. FKS eventually secured the Hyderabad franchise for Rs1.75 billion ($6.2 million) per season. The room barely had time to exhale before attention shifted to the eighth team.
What happened next showed how quickly the PSL adapted to its own success. With the Hyderabad price resetting expectations, the PCB announced that bidding for the final franchise would begin at Rs1.7 billion — the highest unsuccessful bid from the previous round. It caught several prospective owners off guard.
Telecom giant Jazz, long associated with the PSL and widely tipped to bid, stayed silent throughout. Solar energy firm Inverex made the opening bid but didn’t return once the numbers climbed. What became clear was that the real momentum was coming from overseas-backed groups.
OZ Developers, an Australian real estate consortium led by Hamza Majeed, stepped in decisively. After sitting out much of the earlier bidding, they pushed hard and eventually secured the Sialkot franchise for Rs1.85 billion ($6.55 million), the highest valuation in PSL history.
Suddenly, the league’s financial landscape looked very different. The most expensive existing franchise, Lahore Qalandars, pays Rs670 million annually. All five original teams combined pay about Rs2.62 billion — still less than what Hyderabad and Sialkot will pay together.
The two franchises were procured for a combined annual fee of Rs3.6 billion, about a third more than that of all the existing teams combined. For the PCB, the significance of this moment wasn’t just the numbers. It was where the money was coming from. Of the final 10 bidders, five were international entities. Much of December had been spent courting overseas Pakistanis through networking events and “roadshows” in London and New York. Both FKS and OZ Developers had attended those sessions, and the payoff was now clear.
Fawad Sarwar, who has lived in the US for two decades, described himself as a lifelong cricket tragic. His company spans aviation, healthcare, and sports, and he already owns Chicago Kingsmen, a T20 team that recently competed in Australia.
OZ Developers, meanwhile, brought Sialkot into the PSL fold at last. For many fans, the city’s inclusion felt overdue. Sialkot is globally renowned for sports manufacturing and already plays a vital role in Pakistan’s export economy. A PSL franchise there creates a natural link between grassroots talent, industry, and global branding.
Hyderabad, too, carries strategic weight. As a major city in Sindh with a deeply passionate but underrepresented fan base, it offers fresh commercial opportunities and a chance to decentralize cricket’s economic footprint.
Speaking after the auction, PCB chairman Mohsin Naqvi was visibly pleased. “The entire nation should feel proud today,” he said. “This investment isn’t just for cricket. It will go into sports infrastructure across Pakistan—new stadiums, renovated venues, and facilities that match the talent our players already have.”
Naqvi also emphasized what the foreign interest signaled more broadly. At a time when Pakistan has been pushing for digital foreign investment and economic stabilization, the PSL has emerged as a rare success story.
Wasim Akram echoed that sentiment. “I’ve seen this league grow from a survival project into a global brand,” he said. “What we witnessed today shows the PSL is now a blue-chip asset. International groups don’t invest like this unless they believe in the future.”
Economists largely agree. While traditional FDI has faced challenges in recent years, sports and entertainment are increasingly seen as resilient sectors — high-visibility, culturally powerful, and capable of delivering returns beyond spreadsheets.
The expansion to eight teams means more matches, more broadcast hours, and more travel. Hotels, airlines, security firms, marketing agencies, logistics providers — all stand to benefit. With teams now moving across five major cities, the tournament’s footprint grows wider and deeper. Broadcasting and streaming rights are also likely to rise in value. Two new markets bring new audiences, stronger regional rivalries, and more compelling narratives for fans at home and abroad.
Of course, questions remain. Franchise ownership in the PSL has never been a guaranteed path to profit. Multan Sultans changed hands after just one season in 2018, and concerns about sustainability persist even at lower price points. Ali Tareen’s decision to step away from the most recent auction underlined those risks.
But on the night itself, none of that dampened the mood. Both Sarwar and Majeed described owning a PSL team as a “dream come true.” It may not sound like the language of hard-nosed financiers, but emotion has always been part of the PSL’s appeal. It’s never been just a balance-sheet exercise—it’s been about belonging, visibility, and belief.
As the crowd filtered out into the cold Islamabad night, there was a buzz in the air. The dopamine rush of victory would fade, and the hard work of running franchises would begin soon enough. But for the PSL, the auction marked something undeniable.
A new benchmark had been set—one that even its most optimistic projections once seemed unlikely to reach. And in that moment, Pakistan wasn’t just hosting a cricket league.
It was making a case for itself.