Multan Sultans to be renamed Rawalpindi after record-breaking auction

Multan Sultans finally have a new owner, but the franchise is set to be renamed after Rawalpindi. Following a tense bidding war between Walee Technologies, Particle Igniter and CD Ventures, the franchise was sold to Walee Technologies for a staggering PKR 2.45 billion, making it the most expensive Pakistan Super League franchise to date. The new owners will pay this amount as an annual franchise fee for the next ten years.

Three-way bidding war

The base price was set at PKR 1.82 billion, buoyed by last month’s sale of Hyderabad and Sialkot, which were sold for PKR 1.75 billion and PKR 1.85 billion respectively. Once the bidding crossed PKR 2 billion, the bidding contest intensified further. 

Eventually, CD Ventures and Particle Igniter pulled out as Walee Technologies outbid them. CD Ventures submitted the second-highest bid of PKR 2.37 billion but could not top Walee Technologies’ PKR 2.45 billion offer, which ultimately won them the franchise.

Adieu, Multan Sultans!

With the team now set to represent Rawalpindi, the PSL will have no team from the South Punjab region for the first time since 2018, when Multan entered the tournament as the sixth franchise. During the franchise’s eight-season-long stay, it played four PSL finals and lifted the trophy once. 

Ali Tareen, the franchise’s previous owner, was also among the technically qualified bidders but did not place a bid during the auction. Tareen relinquished ownership of Multan Sultans after deciding against renewing the contract for another ten-year cycle.

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