Multan Sultans set to become Rawalpindi franchise after record high sale

The auction for the Multan Sultans franchise has ended in a record sale, with an annual franchise fee of PKR 2.45 billion, the highest valuation in the Pakistan Super League's history. The franchise was purchased by Walee Technologies, a financial technology company.

The auction took place two days out from the PSL player auction for the league's 11th edition, the first time squads will be filled by an auction rather than a draft. Before the auction, Sultans did not retain a single player from their previous season, and will fill their entire squad through direct signings or at the auction itself.

One of the first actions by the Walee group after assuming ownership of the franchise was to effectively end Multan Sultans as a franchise altogether, announcing the name would be changed from Multan to Rawalpindi, where the owner hails from. That, for now, makes the Rawalpindi Cricket Ground the official home of two franchises, the new team as well as three-time champions Islamabad United. It also leaves the South Punjab region without a team at the PSL for the first time in nine years; Multan had, in its eight years of participation, built up a huge following in the region, winning one title and reaching three other finals.

Bidding started at PKR 1.82 billion, swiftly moving past 1.85 billion, the record set last month when OZ Developers, an Australian construction magnate, bought Sialkot as one of the two new franchises. Walee primarily competed with two other interested parties, CD Ventures and Particle Igniter.

Sultans had been without a long-term owner after Ali Tareen, who acquired the franchise in 2018, opted not to renew his agreement following PSL 10 after developing differences with the PSL management. Tareen was among the five qualified bidders for the team, but posted a message to his X account effectively ruling out a purchase at the price point PSL teams have sold for this month, saying he did not wish to enter a bidding war. On the day, his company did not enter a bid at the auction.

Speaking after the sale, PCB chairman Mohsin Naqvi described the outcome as a "significant moment for the league". He said Multan had once struggled to attract buyers at a much lower valuation, and the record figure reflected increased confidence in the PSL's long-term commercial prospects.

The sale comes at a time of expansion for the PSL. The PCB has confirmed that PSL 11 will feature eight teams, with Hyderabad and Sialkot joining the league. The tournament is scheduled to run from 26 March to 3 May 2026.