LAHORE: The Pakistan Cricket Board (PCB) has received 12 bids for the two new Pakistan Super League (PSL) franchises, within the stipulated deadline, the cricket board announced on Wednesday.
The PCB, in a statement, said it received an “exceptional and encouraging response” to the tender issued for the sale of two new PSL teams as 12 parties formally submitted their bids.
The cricket board shared that investors from the United States of America (USA), Australia, Canada, the United Arab Emirates (UAE) and Pakistan expressed their interest in acquiring the franchises up for sale, depicting the marquee league’s global popularity and commercial appeal.
The PCB further announced that the “results” of the initial phase of the bidding process will be announced on December 27, which will determine the parties technically qualified to purchase the two new teams through an open auction, set to be held on January 8.
“The results of this phase of the bidding process will be announced on 27 December. In the next stage, technically qualified bidders will be given the opportunity to purchase the two new teams through an open competition bidding process,” the statement continued.
“This stage will be held on 8 January at the Islamabad Convention Centre. The Pakistan Cricket Board is committed to completing this process in a transparent and competitive manner in line with international standards, to ensure the continued expansion and growth of the Pakistan Super League.”
It is pertinent to mention that the PSL, which began in 2016 with five franchises and later expanded to six sides in 2018, is set for further expansion with the addition of two new teams from its upcoming 11th edition, set to be played next year.
With the upcoming additions, the PSL will undergo its first major restructuring in seven years, bringing the total number of franchises to eight.
