ISLAMABAD: The auction for two new teams in the Pakistan Super League (PSL) has concluded with the 7th franchise being acquired by FKS Group for a bid of Rs. 175 crore, while the 8th franchise was bought by OZED Developers for a record-breaking Rs. 185 crore.
The auction process for two additional franchises in the HBL PSL was held today at the Islamabad Jinnah Convention. Ten groups participated in the bidding process although Ali Tareen’s group withdrew at the last moment, leaving nine groups to continue the auction.
The starting price for the 7th franchise was set at Rs. 1.1 billion. The I2C Group placed an initial bid of Rs. 1.55 billion. However, the Prism Group decided not to increase their bid after a five-minute break. FKS Group added Rs. 130 million to the bid, raising it to Rs. 1.68 billion. I2C Group then bid Rs. 1.7 billion, but FKS Group raised their offer to Rs. 1.75 billion, winning the 7th franchise. FKS Group announced that the new team will be named Hyderabad.
The opening bid for the 8th franchise was set at Rs. 1.7 billion. The I2C Group offered Rs. 1.72 billion, followed by M Next Group, which placed a bid of Rs. 1.73 billion. I2C then took a break. After the break, M Next raised the bid to Rs. 1.76 billion, and OZED Developers made a bid of Rs. 1.78 billion. I2C then offered Rs. 1.8 billion, but OZED Developers raised their bid to Rs. 1.81 billion. I2C responded with Rs. 1.82 billion. In the end, a new record was set as OZED Developers placed the highest bid of Rs. 1.85 billion, securing the 8th franchise and acquiring the most expensive team in PSL history.
