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 said on Wednesday.
The PCB, in a statement, said it received an “excellent and encouraging response” to the tender issued for the sale of two new PSL teams as 12 parties formally submitted their bids.
Cricket shared that investors from the United States of America (US), Australia, Canada, the United Arab Emirates (UAE) and Pakistan have expressed interest in acquiring the franchises for sale, illustrating the global popularity and commercial appeal of the marquee league.
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 technically qualified parties to purchase the two new teams through an open auction, which will be held on January 8.
“The results of this phase of the bidding process will be announced on December 27. In the next stage, technically qualified bidders will be given the opportunity to purchase the two new teams through open tender,” the statement continued.
“This stage will be held on January 8 at the Islamabad Convention Centre. Pakistan Cricket is committed to complete this process in a transparent and competitive manner as per international standards to ensure the continued expansion and development of the Pakistan Super League.”
It is worth mentioning that the PSL, which started in 2016 with five franchises and later expanded to six sides in 2018, is set to expand further with the addition of two new teams from its upcoming 11th edition, which will 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.
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