Karachi Kings owner and CEO and Founder ARY Digital Network Salman Iqbal, captain of Karachi Kings Shoaib Malik and other officials attended the ceremony.
Featuring 69 local and 29 foreign stars, the five-team, 24-match league will be held From February 4 – 23 across two stadiums in Sharjah and Dubai.
The teams were sold to private consortiums for a sum of $93 million across 10 years, with $200,000 salaries for top-tier players and relatively handsome paydays for middle-tier and emerging talent.
The winning side, meanwhile, will bring home $1 million.
AFP adds: Former captain and legendary fast bowler Wasim Akram said the league was vital for Pakistan to match the fast-rising standards of other Twenty20 teams.
“Look at where Indian cricket is now because of the Indian Premier League,” he said, referring to the brash, glitzy tournament first launched in 2008 whose model has been emulated by other leading teams including Australia and the West Indies.
“By rubbing shoulders, by competing against and by sharing the dressing rooms with high profile players all the Indian players have benefitted and I envisage the same in the PSL,” added Akram, who is the bowling coach for Kolkata’s team.
“We have been struggling to match other teams,” agreed Shoaib Malik, a former captain who was part of Pakistan team which lost a Twenty20 series in New Zealand 2-1 last month.
“The PSL provides a launching pad for the future generation of players as four emerging players in each team will learn a lot which is good for the future of Pakistan cricket,” he added.