Record-breaking PSL auction reflects global confidence in Pakistan cricket: PCB chief

ISLAMABAD: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi said on Thursday that the Pakistan Super League (PSL) witnessed the biggest auction in its history.

Addressing the ceremony after the auction of two new PSL teams, Naqvi said cricket is progressing in Pakistan and that the achievement does not belong to the PCB alone but to every Pakistani.

He said the auction reflected strong confidence in investment in Pakistan and stressed that the amounts involved were not insignificant.

“This is not an ordinary auction. It reflects the public’s love and passion for cricket,” he said.

Naqvi assured those present at the auction that many more opportunities lie ahead, adding that Pakistan would be taken to the place envisioned by its people. He thanked the PCB and all PSL members for their efforts.

He said the success was a victory for Pakistan and the PCB, congratulating FKS Group’s Fawad Sarwar and OZ Group’s Hamza Majeed on acquiring teams.

He also congratulated Hyderabad and Sialkot, calling the occasion a historic moment for the PSL.

The PCB chairman said that the PSL is not just a tournament but a league that holds deep emotional value for the nation. “Our emotions are attached to the PSL,” he said, congratulating all Pakistanis and calling it a victory for cricket lovers.

He said that the new franchise owners had shown trust in the PCB, for which he expressed gratitude.

Naqvi said the success belonged to the people of Pakistan, thanking everyone involved in the process.

He described the investment as an expression of confidence in Pakistan, love for cricket and commitment to the country.

He further said that the seventh and eighth PSL teams were auctioned under 10-year agreements, with both franchises required to renew their contracts annually by paying a fee.

The annual fee for the seventh team is Rs175 crore, while the eighth team will pay Rs185 crore.

Naqvi said that the PCB would receive Rs36 billion from the auction. He added that four to five companies from the United States participated in the bidding and that the amount raised would be spent on sports development in Pakistan.

According to him, one of the successful bidders is from the United States and another from Australia.