Sialkot, Hyderabad franchises join PSL season 11

The highly anticipated Pakistan Super League (PSL) auction for two new franchise teams has commenced here at the Jinnah Convention Centre.

06:30 PM – Sialkot confirmed as seventh team

05:50 PM – Auction for eighth PSL team begins

Base Price for Team 8: PKR 1,700,000,000

Aim Next Inc. counters PKR 1,710,000,000

i2c counters PKR 1,720,000,000

Aim Next Inc. counters PKR 1,730,000,000

i2c counters PKR 1,750,000,000

Aim Next Inc. counters PKR 1,760,000,000

OZ Developers counters PKR 1,780,000,000

i2c counters PKR 1,800,000,000

OZ Developers counters PKR 1,810,000,000

i2c counters PKR 1,820,000,000

Winning bid: OZ Developers counters PKR 1,850,000,000

05:30 PM – Hyderabad confirmed as seventh team

FKS owner Fawad Sarwar, after buying the seventh team for a record PKR 1,750,000,000, confirmed that his franchise will be representing the city of Hyderabad.

05:00 PM – Auction Begins

The PSL franchise auction for the two new teams has officially started. Ten bidders are competing to secure the rights for the latest additions to the league.

Base Price for Team 7: PKR 1,100,000,000

Inverex Solar Energy counters PKR 1,110,000,000

Walee counters PKR 1,150,000,000

Prism Estate & Builders counters PKR 1,170,000,000

OZ Group of Companies counters PKR 1,190,000,000

Walee counters PKR 1,230,000,000

OZ Group of Companies counters PKR 1,250,000,000

FKS counters PKR 1,400,000,000

i2c counters PKR 1,420,000,000

FKS counters PKR 1,540,000,000

i2c counters PKR 1,550,000,000

FKS counters PKR 1,680,000,000

i2c counters PKR 1,700,000,000

WINNING BID: FKS counters PKR 1,750,000,000

Auction Rules

All bids shall be quoted in Pakistani Rupees (PKR).

The minimum incremental bid from the base price announced by PCB shall be PKR 10,000,000 (rupees ten million only).

No bid increase of less than the minimum incremental bid shall be accepted.

Bidders may choose to make a bid in excess of the minimum incremental bid. No limit.

Each bidder shall have the right to exercise one (1) strategic timeout of up to five (5) minutes, only once during each round of the auction.

During this strategic timeout, bidders may consult with their representatives before deciding their future course of action in the auction, but shall not be permitted to communicate with other bidders.

A bidding round shall be declared closed when the highest incremental bid in excess of the base price is not surpassed by any other bidder despite a final call by the auctioneer.

Upon closure of the bidding round, the highest valid bid in excess of the base price shall be provisionally declared the winning bid.

The Pakistan Cricket Board (PCB) on Wednesday confirmed a list of 10 qualified bidders who will vie for the rights to own the latest additions to the marquee league, promising an intense and closely watched bidding battle.

The qualified bidders are: Inverex Solar Energy, OZ Group of Companies, VGO TEL Mobile, Jazz, DSM, i2c, Prism Estate & Builders, Walee, USA-based Aim Next Inc. and Southeast Asian holding company FKS.

Successful bidders will also be granted the right to select a home city from a PCB-approved list, which includes Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad, and Gilgit.