Karachi Kings also renew PSL franchise agreement for another 10 years

WEB DESK: Karachi Kings have renewed their Pakistan Super League (PSL) franchise agreement for another decade, the cricket board confirmed on Tuesday.

According to the PCB, the renewal was finalised at the market valuation determined by EY MENA. PCB Chairman Mohsin Naqvi said the team had played a significant role in enhancing the league’s profile over the years. “Karachi Kings’ decision to extend their agreement reflects their confidence in the PSL’s strength and future,” he added.

Naqvi also praised franchise owner Salman Iqbal and his team, calling their contribution “highly commendable”.

PSL CEO Salman Naseer said it was an honour for the league to continue working with Karachi Kings for the next decade. He noted that the franchise, which won the PSL title in 2020, “remains one of the league’s most popular teams”.

The PCB further announced that from PSL Season 11 onward, the league will expand to an eight-team format, marking its biggest structural change since inception.

Earlier, Lahore Qalandars and Peshawar Zalmi become the first PSL franchises to renew their ownership rights for another 10 years, following a fresh valuation exercise by EY-MENA. The Qalandars, reigning champions and now the league’s most valuable team, were assessed at around PKR 980 million per year. Under the new renewal formula, however, owners Sameen and Atif Rana will pay the old fee of roughly PKR 425 million plus 25% of the new valuation, bringing their annual payment to about PKR 670 million, significantly lower than what a new buyer would have paid.

Shortly after their announcement, Peshawar Zalmi owner Javed Afridi also confirmed a decade-long extension. Zalmi’s market worth has risen sharply to approximately PKR 870 million, and their renewed annual fee is expected to be around PKR 500 million. Afridi called the extension a commitment to “ambition, innovation, and a stronger Zalmi vision.”

While other franchises are yet to publicly announce renewal, all except Multan Sultans are expected to follow. The Sultans, whose value has dropped from PKR 1.1 billion to about PKR 850 million, face a higher renewal fee due to older terms, a sticking point that has led to tensions between owner Ali Tareen and the PCB.

The PSL will expand to eight teams from next season, with bidding for the two new teams set for early next year.