PSL expands to eight teams as billion-rupee franchises are awarded to Sialkot and Hyderabad, revealing powerful new owners, ambitious plans, and the league’s biggest expansion move in years.
WEBDESK – Imran Malik – January 9, 2026 l Courtesy: BBC Urdu
The Pakistan Super League (PSL) has officially expanded to eight teams after the Pakistan Cricket Board (PCB) concluded the auction of two new franchises, marking the league’s biggest structural change in eight years. The new teams — Hyderabad and Sialkot — were sold for record annual fees of Rs 1.75 billion and Rs 1.85 billion, respectively, with ownership awarded for 10 years running until 2035.
Who owns the Hyderabad franchise?
The seventh PSL team, Hyderabad, has been acquired by FKS Group, a US-based investment group led by Fawad Sarwar, after a successful bid of Rs 1.75 billion.
FKS Group is already active in international cricket ownership, particularly in North America. Its portfolio includes teams such as DFW Kingsmen and Kingsmen X, reflecting the group’s long-term interest in developing cricket infrastructure outside traditional markets.
Speaking after the auction, Sarwar said the group had entered the bidding process with a clear objective.
“We came with one mindset — to secure Hyderabad,” he said, adding that both he and his sister grew up in the city and that the decision carried deep personal significance.
Sarwar recalled his early cricket memories, including watching a Pakistan–Sri Lanka match at Hyderabad’s Niaz Stadium in 1992, and confirmed that the group is keen to invest in local infrastructure.
“We want to improve the ground’s infrastructure, subject to PCB approval. We have already built a stadium in Houston and are developing another in Las Vegas, so we have experience in this area,” he said.
While the official team name has not yet been announced, Sarwar confirmed it has already been finalised and will be revealed at a later stage.
Who owns the Sialkot franchise?
The eighth PSL team, Sialkot, has been purchased by OZ Developers, an Australia-based group headed by Hamza Majid, for Rs 1.85 billion, the highest bid of the auction.
For OZ Developers, this marks their first entry into professional cricket ownership. Majid said the group had been planning its PSL bid for nearly two and a half years. Originally from Lahore, Majid has spent most of his life abroad and returned to Pakistan in 2023.
“We love pressure, and Sialkot’s passion for cricket is unmatched,” Majid said.
“Sialkot has already built its own airport and airline. Now, we’ve gifted the city a cricket team.”
He added that the group sees the franchise as both a commercial venture and a contribution to Pakistan’s economy, though details regarding the team name and player targets will be disclosed closer to the season.
How the bidding unfolded
The auction process featured intense competition across two bidding rounds.
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Hyderabad franchise:
The reserve price was set at Rs 1.10 billion. After multiple increments, the contest narrowed to FKS Group and I2C. The final winning bid of Rs 1.75 billion by FKS Group went unmatched. -
Sialkot franchise:
The reserve price began at Rs 1.70 billion. After dramatic last-minute bids — including offers of Rs 180 billion and Rs 182 billion — OZ Developers sealed the deal with a final bid of Rs 1.85 billion, securing the franchise in the final seconds.
What the franchise owners are paying for
The amounts paid in the auction represent annual franchise fees payable to the PCB. Under the agreement:
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Franchise rights are granted for 10 years (until 2035)
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Owners will also receive First Right of Refusal for renewal
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PCB has guaranteed minimum revenue of Rs 850 million per season for each new team over the next five seasons
Why PSL expanded now
According to the PCB, contractual and financial constraints delayed expansion for eight years. Under the PSL’s central revenue model, 95% of league revenue is distributed among franchises, while only 5% goes to the PCB.
Adding teams earlier would have diluted franchise earnings under existing media and sponsorship contracts. With new media and commercial deals due from the 11th season onward, the PCB considers this the optimal time for expansion.
The PSL began in 2016 with five teams, expanded to six in 2018 with the addition of Multan Sultans, and will now feature eight teams from the 2026 season.
The bigger picture
The sale of the Hyderabad and Sialkot franchises highlights renewed investor confidence in the PSL, despite past challenges around franchise sustainability and fee disputes. With most existing teams operating profitably and expansion timed alongside new commercial contracts, the PCB believes the league is entering a new phase of growth — one that blends regional identity, infrastructure ambitions, and long-term financial planning.
For cities like Hyderabad and Sialkot, the new franchises represent more than just teams — they signal a return to the national cricket spotlight and, potentially, long-term investment in local sporting ecosystems.
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