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The franchise rights were reportedly secured by Walee Technologies during the auction held in Lahore. The event saw strong interest from multiple bidders which led to competitive bidding.

Islamabad, February 9: The Pakistan Super League (PSL) franchise Multan Sultans has been sold for 2.45 billion Pakistani Rupees at an auction organised by the Pakistan Cricket Board (PCB) on Monday. The value if converted to India Rupee amounts to around Rs 73.5 crore, making it one of the biggest franchise sales in PSL history.

Who Bought the Team?

The franchise rights were reportedly secured by Walee Technologies during the auction held in Lahore. The event saw strong interest from multiple bidders which led to competitive bidding.

How the Auction Unfolded

The auction began with the recitation of the Holy Quran after which PSL CEO Salman Naseer welcomed the five short-listed bidders for the auction. PCB Chairman Mohsin Naqvi was also present at the event who officially opened the proceedings.

The base price was set at 1.82 billion Pakistani Rupee which roughly amounts to Rs 54.6 Crore in Indian currency. The bidding quickly escalated with Walee Technologies clinching the deal at record price.

Name Change Announced

After winning the bid, the new owners received a ceremonial key to the franchise from the PCB Chairman Mohsin Naqvi. They also revealed that they are planning to change the name from Multan to Rawalpindi.

Why the Franchise Was Auctioned?

Former owner Ali Tareen decided not to renew his 10 year ownership after the league's 10th season. Following this, the PCB decided to take control of the team and initially said that they will manage the franchise for PSL 11, however, it sold the team ahead of the timeline decided.