Walee Applied sciences bought the previous Multan franchise on the Pakistan Tremendous League (PSL) public sale for a file Rs2.45 billion on Monday, with the brand new homeowners confirming the staff can be renamed Rawalpindi forward of the upcoming PSL 11 season.
The extremely anticipated PSL franchise public sale happened on the Expo Centre Lahore, marking a major second within the league’s historical past as franchise valuations reached new highs below the revised possession mannequin.
The public sale started at 6:35pm, with a base worth of Rs1.82b set by the Pakistan Cricket Board (PCB). What adopted was an intense bidding battle involving a number of company heavyweights.
Walee Applied sciences opened proceedings with a bid of Rs1.9b earlier than going through stiff competitors from CD Ventures and Particle Igniter. The bids escalated quickly as all three events repeatedly outbid each other, pushing the worth effectively past the preliminary valuation.
After a protracted contest, Walee returned with a decisive provide of Rs2.45b, securing possession of the franchise on the highest worth ever paid for a PSL staff.
The PCB had earlier confirmed 5 certified bidders for the Multan franchise: Walee Applied sciences, Intention Subsequent Inc, Deharki Sugar Mills, Particle Igniter and CD Ventures.
Nonetheless, former proprietor Ali Tareen’s Deharki Sugar Mills didn’t place a single bid throughout the public sale, signalling a whole withdrawal from the franchise they beforehand managed.
Following the profitable bid, Walee Applied sciences confirmed that the franchise would compete as Rawalpindi going ahead, ending Multan’s affiliation with the PSL after a number of seasons.
The rebranding is anticipated to be formally unveiled within the coming weeks, with squad planning and industrial actions set to speed up forward of PSL 11, which will probably be performed below the league’s new auction-based construction.
