The Pakistan Cricket Board has sold five franchise rights for its new Twenty20 league, the Pakistan Super League (PSL), for US$93 million (Dh341.6m) for a period of 10 years.
Five companies bought the Karachi, Lahore, Peshawar, Islamabad, and Quetta teams. ARY Group, a media company, made the highest bid of an undisclosed amount for Karachi.
Najam Sethi, chairman of the PSL, said: “The best part is that all the team owners are ardent cricket fans and their dedication will make this league a success.”
The inaugural PSL will be organised in the UAE, with games taking place in Dubai and Sharjah from February 4-23.
By playing out of Pakistan, the PCB hopes to attract top foreign players and coaches. Sethi says coaches will be chosen over the next 10 days, and players’ draft will be held later this month.
What the franchises are costing (in US dollars)
Karachi: 2.6 million per year (26 million over 10 years)
Lahore: 2.5 million per year (25 million)
Peshawar: 1.6 million per year (16 million)
Islamabad: 1.5 million per year (15 million)
Quetta: 1.1 million per year (11 million)
