LAHORE: Pakistan Super League (PSL) franchise Multan Sultans was sold on Monday to Walee Technologies for a record Rs2.45 billion, marking the highest bid in the league’s history ahead of its 11th edition.
The auction was held in Lahore, where host Fakhr-i-Alam informed bidders that the winning amount would also serve as the annual franchise fee, securing ownership of the team for the next 10 years.
Franchise name change announced
Speaking at the auction ceremony, Walee Technologies Chief Executive Officer Ahsan Tahir announced that the franchise would undergo a name change.
“Are you ready for a surprise? We will be going for Rawalpindi,” he said, signaling a possible rebranding of the Multan Sultans franchise.
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PCB leadership reacts to historic sale
Chairman of the Pakistan Cricket Board, Mohsin Naqvi, congratulated Walee Technologies on the successful bid and paid tribute to former PCB chairman Najam Sethi, crediting him with establishing the Multan Sultans franchise in 2017.
“This Multan Sultans was created by Najam Sethi sahib, and we are pleased that he is with us today,” Naqvi said, inviting Sethi to the stage.
Sethi described the sale as a milestone for Pakistan cricket. “This is the culmination of a dream come true,” he said, adding that the record bid represented a “great moment for Pakistan cricket”.
Future of the Multan Sultans brand
Later, speaking at a press conference, Naqvi acknowledged that the future of the Multan Sultans name would need to be reconsidered following the sale.
“I cannot ask the person paying Rs2.45bn to keep the name Multan Sultans,” he said, adding that discussions would continue to find an appropriate solution, noting that the franchise remains close to him personally.
Naqvi explained that the opening bid was set at Rs1.82bn, based on recent franchise valuations, including the sale of the Sialkot team for Rs1.85bn. He added that favorable market conditions had contributed to the strong response from bidders.
Background and timeline
The Multan Sultans franchise was launched in 2017 and competed in eight consecutive PSL seasons, winning the title in 2021. In November last year, the franchise became ownerless after the PCB did not extend the franchise agreement with former owner Ali Khan Tareen. The PCB subsequently assumed control and announced plans to auction the team.
Bids for the franchise were invited on January 14, with the technical evaluation process completed by February 3.
Walee Technologies describes itself as a global company operating across media, finance, and technology sectors. The firm has previously acquired PSL livestreaming rights, according to information available on its official website.
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