ISLAMABAD (AP) — A financial technology company has acquired a franchise in the Pakistan Super League for a record annual fee of $8.8 million.
Walee Technologies of Pakistan successfully won the bid for the former champion Multan Sultans at an auction in Lahore, making it the most valuable franchise in PSL history.
Last month, the Pakistan Cricket Board expanded the PSL to eight teams from this season, starting March 26. Sialkot was sold for $6.55 million and Hyderabad for $6.2 million, with Sialkot previously holding the sale record.
Following their successful bid on Sunday, Walee Technologies announced the rebranding of Multan Sultans to Rawalpindi, the city of the new owner.
Walee’s CEO Ahsan Tahir stated, “The journey ahead is going to be highly exciting in the coming weeks, months, and years as we will continue to bring various developments.”
Initially, the PCB planned to manage the franchise this season after Ali Tareen, the former owner of Multan Sultans, did not renew his contract due to disagreements with the cricket board late last year. However, after the sales of Sialkot and Hyderabad at record prices, the PCB decided to put Multan up for sale as well.