Sialkot Set to Enter PSL as OZ Developers Secure New Franchise
ISLAMABAD: OZ Developers, led by businessman Hamza Majeed, have successfully secured ownership of the eighth Pakistan Super League (PSL) franchise following a high-profile auction held on Thursday at the Jinnah Convention Centre.
The auction witnessed intense competition after FKS Group clinched the first available franchise with a bid of Rs1.75 billion ($6.24 million). The reserve price for the next team was set slightly lower at Rs1.70 billion, sparking an aggressive bidding contest among all eight shortlisted parties.
Every qualified bidder actively participated, pushing the prices higher as demand for the new franchise surged.
This development represents only the second expansion phase in PSL history. The league previously grew during its third season when Multan Sultans were introduced, increasing the number of teams from five to six.
With the upcoming 11th season, the PSL has expanded once again, adding two new franchises and raising the total count to eight teams.
The 11th edition of the tournament is scheduled to run from March 26 to May 3, promising fans another action-packed season of top-tier cricket across the country and abroad.
Under the auction terms, winning bidders were given the option to choose a home city from a PCB-approved shortlist, which included Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad and Gilgit.
In addition, following the conclusion of the league’s landmark 10th season, the Pakistan Cricket Board (PCB) conducted a fresh valuation of the existing franchises. Renewal offers were extended to all six team owners; five accepted, while Multan Sultans declined, resulting in the franchise reverting to PCB control.
