Pakistan Super League expands with two new cricket teams sold at record prices

Chairman Pakistan Cricket Board Mohsin Naqvi (sixth-left) with awarding PSL's new team to members representing FKS who bought it during its auction held in Islamabad, Pakistan, on January 8, 2025. (@thePSLt20/X)
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Updated 08 January 2026
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Pakistan Super League expands with two new cricket teams sold at record prices

  • Hyderabad and Sialkot franchises bought for a combine $12.75 million at PCB auction
  • US-based aviation and healthcare group, local real estate consortium among winning bids

ISLAMABAD: Hyderabad and Sialkot will join the eleventh edition of the Pakistan Super League (PSL) as its latest franchises after they were bought for record prices at an auction organized by the Pakistan Cricket Board (PCB) on Thursday. 

The PCB had shortlisted 10 bidders for the live auction held at Islamabad’s Jinnah Convention Center on Thursday evening. FKS, an aviation and health care conglomerate based in the US who also run the Chicago Kingsmen team, bought the Hyderabad franchise for a whopping Rs1.75 billion [$6.2 million]. 

The other winner was OZ Developers, a real estate consortium, which bought the Sialkot franchise for Rs1.85 billion [$6.55 million] at the auction. Both prices were the highest amount paid for a PSL franchise. 

“The New Era is here like never before,” the PCB wrote on social media platform X. 

“Hyderabad and Sialkot are the two new teams in #HBLPSL!“

Pakistan’s telecommunications giant Jazz and Inverex Group, a leading player in the solar energy sector, were also among the 10 qualified bidders. 

The PSL is Pakistan’s premier T20 cricket league which features a mix of local and international players. The league already has six city-based teams which include Karachi Kings, Multan Sultans, Lahore Qalandars, Islamabad United, Peshawar Zalmi and Quetta Gladiators. 

PCB will run the Multan Sultans team for the 11th edition before looking for a potential buyer. The previous owner of Multan Sultans, Ali Tareen, announced last month he was walking away from his ownership of the franchise. 

The decision came after a bitter public spat between Tareen and the PCB over how it managed the cricket league. 

The 11th edition of the league is set to begin from Mar. 26 while the final is expected to be played on May 3, as per the PCB’s schedule. 


Debris removal steps up at Karachi fire-hit plaza as death toll nears 60

Updated 41 min 6 sec ago
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Debris removal steps up at Karachi fire-hit plaza as death toll nears 60

  • KMC teams remove debris under safety precautions as search for the missing continues
  • Authorities are keeping agencies on alert amid rain forecast as the site remains unstable

ISLAMABAD: Municipal and rescue teams stepped up debris removal operations at a fire-hit shopping plaza in Pakistan’s largest city of Karachi on Wednesday, as officials said the death toll from the blaze has climbed to nearly 60 and the search for missing victims continues.

Teams from the Karachi Metropolitan Corporation (KMC) are clearing rubble from Gul Plaza, a multi-story shopping complex where a fire broke out late Saturday, under strict safety measures, with debris being transported to a designated ground in the city’s Meva Shah area, an official statement said.

“Rescue teams are continuously engaged in search and clearance operations to locate any remaining victims,” the statement circulated by the KMC said, adding that authorities were aiming to complete the process as soon as possible while ensuring safety.

Located in Karachi’s densely populated Saddar district, the fire at Gul Plaza burned for more than 24 hours before being brought under control. The blaze gutted more than 1,200 shops, triggered partial structural collapse and left dozens of people trapped inside.

With rain forecast in the coming days, authorities have placed all relevant departments on alert and are making contingency preparations to prevent further risks at the site, the KMC statement said.

The disaster at the shopping mall has renewed scrutiny of fire safety standards in Karachi’s commercial buildings, where overcrowding, illegal construction and weak enforcement have repeatedly contributed to deadly incidents.

Following the Gul Plaza fire, the Sindh Building Control Authority has warned developers and building owners to address fire safety violations or face legal action.

Deadly fires remain a recurring threat in the city of more than 20 million people, despite periodic crackdowns ordered after major disasters.