Multan Sultans disbanded: New owners move franchise to Rawalpindi after record $8.8m PSL bid | Cricket News

pakistan super league In a dramatic turn of events, financial technology company Walee Technologies has acquired ownership of former champions Multan Sultans for a record annual fee of $8.8 million, making it the most expensive franchise in the competition’s history.Push boundaries with our YouTube channel. Subscribe now!The bid, finalized at an auction in Lahore, came at a time of rapid expansion for the PSL. Last month, the Pakistan Cricket Board (PCB) increased the number of teams from six to eight ahead of the new season starting on March 26. New additions Sialkot and Hyderabad were sold for $6.55 million and $6.2 million respectively, with Sialkot previously holding the sales record before Valley’s landmark acquisition.

Walee Technologies has announced that the identity of Multan Sultans will be effectively dissolved and the franchise will be repositioned and renamed Rawalpindi – the home of the new ownership group. CEO Ahsan Tahir promised significant progress ahead, saying: “The journey ahead will be very exciting in the coming weeks, months and years as we continue to wow our fans with a variety of advancements.”The sale also marks the end of Ali Tareen’s relationship with the franchise after the previous owners chose not to renew the agreement following disagreements with the PCB last year. Initially, the board planned to run the team themselves in the upcoming season, but strong market interest following the sale of Sialkot and Hyderabad prompted them to change their strategy.