PSL Multan franchise sold for Rs 2.45 billion

LAHORE: Walee Technologies won the bidding of the old Multan franchise by making a record deal of Rs2.45 billion at the auction of the Pakistan Super League on Monday. The new owners confirmed that the team would be renamed Rawalpindi ahead of PSL 11.

The much-anticipated PSL Franchise Auction was held at the Expo Centre Lahore, marking a moment in the league's history to witness unprecedented franchise valuations.

The bidding started at 6:35 p.m. (Pakistani time); it was Rs 1.82 billion, kept as a base price by the PCB. This was followed by an overwhelming number of bids involving several corporate heavyweights.

Walee Technologies made the initial bid with a price tag of Rs 1.9 billion, but soon they had to face tough competition from CD Ventures and Particle Igniter. Therefore, the prices were going up as all the parties were increasing their offers by outbidding one another.

Following a lengthy contest, Walee finally made a conclusive offer for Rs2.45 billion, which gave him ownership of the franchise at a record price paid for any franchise in the PSL.

The PCB had earlier confirmed five qualified bidders for the Multan franchise, which included Walee Technologies, Aim Next Inc, Deharki Sugar Mills, Particle Igniter, and CD Ventures.

However, Deharki Sugar Mills, the company owned by the previous owner, Ali Tareen, bid nothing at the auction, which shows their complete withdrawal from the franchise.

After the successful bid, Walee Technologies announced that they would field a franchise that would compete as Rawalpindi, marking an end to Multan's PSL journey after several years of participation.

The rebranding is expected to be formally unveiled in the coming weeks, with squad planning and commercial activities set to accelerate ahead of PSL 11, which will be played under the league's new auction-based structure.