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The Pakistan Super League (PSL) has officially embarked on its most ambitious chapter yet, evolving from a six-team competition into a robust eight-franchise league for the 2026 season. This expansion marks the first multi-team addition since the league’s inception, signaling a strategic shift to capture broader regional markets and boost commercial revenue.
Following a high-profile auction held on January 8, 2026, at the Jinnah Convention Centre in Islamabad, the Pakistan Cricket Board (PCB) confirmed that Hyderabad and Sialkot will be the new battlegrounds for T20 cricket. The auction, overseen by PCB Chairman Mohsin Naqvi and legendary moderator Wasim Akram, saw record-breaking bids from global conglomerates and real estate giants.
PSL 2026 sees two new teams join the league; learn about the record prices and new ownerships
Hyderabad rising: FKS group secures the seventh franchise
The auction for the seventh PSL franchise witnessed an intense bidding war that eventually saw the US-based aviation and healthcare conglomerate, FKS Group, emerge victorious with a staggering bid of PKR 1.75 billion (approximately $6.2 million). Led by CEO Fawad Sarwar, who also operates the Chicago Kingsmen in Minor League Cricket, the group officially named the team Hyderabad, reviving the city’s rich cricketing legacy on a global platform.
The bidding process for this slot was particularly aggressive, starting at a base price of PKR 1.1 billion and quickly escalating as corporate heavyweights like the i2c Group pushed the valuation to nearly triple the annual fees paid by original franchises like the Lahore Qalandars. This monumental investment reflects the FKS Group’s commitment to building world-class facilities in Sindh and nurturing local talent through their existing international sports network.
During the post-auction press conference, Sarwar described the acquisition as a ‘childhood dream’ fulfilled, emphasizing that the Hyderabad franchise would serve as a beacon for street cricketers aspiring to reach the professional ranks. The PCB has lauded this high-value sale as a testament to the PSL’s growing commercial appeal, with Hyderabad’s annual fee now representing a massive jump in operational commitment. As the seventh team, Hyderabad is expected to draw a massive following from the interior Sindh region, providing a new rivalry for the Karachi Kings and adding a fresh layer of regional pride to the tournament.
“I still can’t believe [we’re owners of a PSL team]. This is a childhood dream. We all started playing street cricket and backyard cricket, practicing in front of the mirror, trying to be the next big thing. I’m very proud, and I’d like to thank everyone who put us in a position to come where we are today.” Fawad Sarwar said at a press conference.
Also READ: WPL 2026 Opening Ceremony: Date, Time, Performers and Live Streaming details
Sialkot stunner: OZ developers claim the record bid
Following the momentum of the first sale, the auction for the eighth franchise reached even loftier heights when OZ Developers, a prominent Australian-Pakistan real estate consortium, secured the Sialkot franchise for a record-shattering PKR 1.85 billion ($6.55 million). This bid officially made Sialkot the most expensive franchise in the history of the Pakistan Super League, surpassing all previous ownership records in terms of annual franchise fees.
CEO Hamza Majeed, an overseas Pakistani who has successfully led large-scale infrastructure projects abroad, stated that the decision to represent Sialkot was a tribute to the city’s global reputation as a sporting goods hub. Sialkot, which famously has its own private airport and airline, finally has a flagship cricket team to match its industrial prestige, filling a long-standing void in the PSL’s regional lineup.
The bidding for Sialkot was a clinical affair, starting at a revised base price of PKR 1.7 billion and seeing OZ Developers outlast finalists like i2c in a series of steady, high-stakes increments. The entry of Sialkot is viewed by the PCB as a “guardian” move for Pakistan cricket, ensuring that one of the country’s most fertile talent-producing regions is now directly integrated into the country’s premier domestic competition.
“God gave us the chance to be successful. As an overseas Pakistani, it’s everyone’s dream to do something for Pakistan. Cricket runs in our blood. I’m looking forward to this PSL Get ready, Sialkot. Sialkot had its own airport, its own airline. Now it’s got its cricket team. The Sialkot sports industry will be elevated by our PSL team, and we’d love to win this title in PSL XI.” Hamza Majeed, the OZ group CEO, said.
The Road to PSL 11: Expansion dynamics and the Multan Status
With the addition of Hyderabad and Sialkot, the PSL 11 season, scheduled to run from March 26 to May 3, 2026, will be the longest and most comprehensive edition of the tournament to date. The move to an eight-team format necessitates a revamped schedule that will likely include more double-headers and a longer playoff structure to accommodate the increased number of matches.
While the expansion dominated headlines, the status of the Multan Sultans remained a key point of discussion during the Islamabad auction; the PCB confirmed it would operate the Sultans directly for the 2026 season following the expiration of the previous agreement and a rift with former owner Ali Tareen. Tareen, who withdrew from the expansion bidding at the last minute, expressed his desire to re-acquire a Multan-based side when it goes up for a dedicated sale in April 2026, citing his heart remains in South Punjab.
This temporary stewardship by the PCB ensures that all eight teams will be active for the upcoming season, maintaining the league’s competitive balance while the board finalizes long-term ownership for the Multan region. Financially, the total intake of $12.75 million (INR 114.7 crore) for the two new teams has sparked comparisons with global leagues, but within the domestic context, it represents a massive surge in annual fee revenue for the PCB.
