Pakistan Super League (PSL) Chief Executive Officer (CEO) Salman Naseer on Wednesday announced an auction for two new franchises in the 11th edition of the Twenty20 cricket tournament.
Addressing a press conference, he said interested bidders would be offered a selection of city names to choose from for their team. The current owners, he said, would have the right to match the valuation of the new teams to retain the ownership of their respective teams.
“With the revaluation of the existing six PSL franchises nearing completion, current team owners will have the right to match the new valuations to retain ownership or opt out,” he explained. Under the existing agreements, per Naseer, team owners would have first right of renewal for the next 10 editions based on that valuation.
“After that, if any franchise chooses not to renew, those team rights will be offered through an open process, allowing new investors to participate under the updated structure,” he said.
To a question on Multan Sultans owner Ali Tareen, who recently criticized the Pakistan Cricket Board (PCB) for sending him a legal notice, Naseer said PSL-related issues should be resolved “behind closed doors.” Maintaining he would not “tarnish” the reputation of the PSL, he said “saying anything more would only add fuel to the fire” of the controversy.