ISLAMABAD: The FKS Group on Wednesday acquired one of the two new Pakistan Super League (PSL) franchises after successfully bidding Rs1.75 billion in the league’s expansion auction.
All 10 qualified bidders competed fiercely, placing massive bids for the new team. The company owned by Fawad Sarwar emerged as the winner by offering Rs1.75 billion, successfully leading the auction and taking the helm of the new franchise.
This marks the second major expansion in the league’s history.
Previously, Multan Sultans became the first team to be added during the third season of the PSL, increasing the number of teams from five to six.
With this year’s historic 11th edition, two additional teams have been introduced, taking the total from six to eight franchises.
The 11th edition of the PSL is all set to take place from March 26 to May 3, promising another thrilling season of cricket for fans across Pakistan and beyond.
With seven teams already confirmed, nine qualified bidders will compete with even higher bids to secure the rights to the eighth and final team, completing the league’s expansion.
For the unversed, successful bidders were allowed to select a home city from a PCB-approved list that included Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad and Gilgit.
This is a developing story and is being updated with further details
