The HBL Pakistan Super League (PSL) today officially expanded to an eight-team competition, following a fiercely competitive auction where two new franchises representing Hyderabad and Sialkot were sold for a combined total of PKR 3.6 billion.

The live auction, conducted at the Jinnah Convention Centre, attracted bids from nine prospective investors for the two new teams. The Pakistan Cricket Board (PCB) stated the strong interest reflects the league”s growing commercial strength and global appeal, and that the expansion underscores a commitment to increasing regional representation.

In the first round of bidding for the seventh team, a base price was set at PKR 110 crore. The US-based FKS Group, led by Mr Fawad Sarwar, emerged successful with a winning bid of PKR 1,750,000,000, subsequently selecting Hyderabad as its home city from the available options.

The auction for the eighth team began with a higher reserve price of PKR 170 crore. Intense bidding, which included two strategic timeouts, concluded with OZ Group, led by Mr Hamza Majeed, acquiring the franchise for PKR 1,850,000,000 and choosing Sialkot as its home.

PCB Chairman, Mr Mohsin Naqvi, welcomed the new owners into the HBL PSL family, calling the expansion a “landmark moment for Pakistan cricket.” He added, “We look forward to their contribution in strengthening the league, enhancing competition, and further elevating the HBL PSL’s global stature.’

Mr Salman Naseer, Chief Executive Officer of the HBL PSL, remarked that the competitive auction reflects the “immense trust investors have in the HBL PSL brand.” He noted, “Hyderabad and Sialkot bring with them rich sporting heritage and passionate fan bases.”

The owner of the Hyderabad franchise, Mr Fawad Sarwar, confirmed his group’s commitment to building a team that “represents Hyderabad with pride and contributes positively to the growth of Pakistan cricket across the world.”

Similarly, Mr Hamza Majeed of the Sialkot franchise called the acquisition a “tremendous honour” and a “huge responsibility.” He highlighted Sialkot’s sporting legacy and stated his commitment to building a franchise that reflects its “winning spirit” for the city”s people.

The PCB and HBL PSL management will now work with the new franchises to ensure their seamless integration into the league ahead of the HBL PSL 11 season.