Lahore Qalandars and Peshawar Zalmi agree to extend PSL ownership rights for another ten years

Lahore Qalandars' owners, Sameen Rana and Atif Rana, have agreed to renew their rights to the franchise for another 10 years. The reigning champions and three-time winners became the first of the six PSL teams to publicly confirm their acceptance of a re-evaluation conducted by the Pakistan Cricket Board.

The announcement ends mild uncertainty over the ownership status of what is considered the PSL's most expensive franchise. While neither the Qalandars nor the PCB revealed the exact figure of any team, ESPNcricinfo understands the Qalandars have been valued by EY-MENA, the financial organisation tasked with assessing each PSL side's worth, at approximately PKR 980 million (Approx USD 3.47 million) per year.

But that is not the amount Qalandars' current owners will have to pay. After new terms around the renewals, team owners will need to pay the old value - about PKR 425 million (Approx $1.5 million) in the Qalandars' case - plus 25% of the new valuation. It means Sameen and Atif Rana will pay about PKR 670 million (approx. $2.37 million) as an annual franchise fee. Had new owners come in, they would've paid the market valuation, so about PKR 300 million (approx $1.06 million) more.

"The franchise has accepted the PCB's renewal offer to continue as a PSL team for the next 10 years," Qalandars said in a media release. "Following an independent valuation by independent experts EY MENA, Lahore Qalandars have been recognised as the most valuable team based on combined on-field performance and organisational strength. This accolade reflects the franchise's commitment to sustainable growth and long-term development."

Shortly after, Peshawar Zalmi owner Javed Afridi also confirmed they were renewing their contract for a further ten years. ESPNcricinfo has learned their market worth was evaluated at approximately PKR 870 million (approx USD 3.1 million), up from PKR 270 million (approx USD 956,000) in 2016. Having renewed, Afridi will have to pay a franchise fee of about PKR 500 million (approx USD 1.8 million).

"Retaining our franchise rights for the next ten years is both an honour and a responsibility," Afridi said. "This is not just a continuation; it is a commitment to build bigger, aim higher, and deliver even greater value to the PSL and to Pakistan's cricketing ecosystem. The next decade belongs to ambition, innovation, and a stronger Zalmi vision."

While the remaining franchises have yet to publicly confirm their renewal, it is expected that all, barring Multan Sultans, will ultimately do so.

Qalandars have leapfrogged Karachi Kings, who were the most expensive franchise at the launch of the PSL at PKR 440 million, but who are understood to have seen the lowest percentage growth in value of the five original teams since 2016. Their current value is understood to have been set at just under PKR 800 million, meaning renewal would cost their current owner Salman Iqbal approximately PKR 640 million (approx $2.27 million) per annum.

One of the points of contention in the discounted rate that retaining a franchise provides is that it only appears to apply if the new valuation is higher than the old value. Sultans, who came into the league in the third season, saw their annual franchise fee set at PKR 1.1 billion (approx $3.89 million). They have now been valued at approximately PKR 850 million (approx $3 million), the only franchise to see depreciation.

To renew, however, Sultans will be required to pay the old value, given it is higher, as well as 25% of that old value as the annual franchise fee, something that has become a point of contention between Ali Tareen, the Sultans owner, and the PSL. His public criticism of the PSL led to Sultans not receiving an offer to renew when the other five sides did earlier this month, leading to Tareen threatening to take legal action.

The PSL is also expected to add two new teams to next year's edition. The names have not yet been finalised, and bidding is expected to take place early next year.