A new milestone has been set in the history of the Pakistan Super League as the seventh PSL franchise has been sold for a record PKR 17.5 billion. The franchise was acquired by the FKS Group during the bidding process held at the Jinnah Convention Centre in Islamabad.
The auction was conducted to add two new teams to the Pakistan Super League. Initially, ten groups participated in the bidding; however, the Ali Tareen Group withdrew at the last moment, leaving nine groups in the race. The base price for the seventh franchise was set at PKR 1.10 billion.
The I2C Group placed a bid of PKR 1.55 billion, while Prism Group later declined to continue bidding. The FKS Group increased the bid step by step, eventually offering PKR 1.75 billion and winning the auction. The group later announced Hyderabad as the name of the new PSL team.
Earlier, during the opening ceremony, Mohsin Naqvi, Chairman of the Pakistan Cricket Board, awarded PKR 90 million to the Rising Star Asia Cup–winning team, while the Hong Kong Sixes–winning team received PKR 18.5 million as prize money.
Successful bidders were given the option to select team names from cities including Rawalpindi, Hyderabad, Faisalabad, Gilgit, Muzaffarabad, and Sialkot.
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