The auction for the two new teams of the Pakistan Super League (PSL) took place in Islamabad.
FKS Group bought the seventh PSL team for Rs 175 crore, and subsequently, the name Hyderabad was chosen for the team.
In the second round of bidding, the 8th team of the PSL was purchased by OZ Developers for Rs 185 crore, and the name of the city of Sialkot was chosen for the team.
The auction for the inclusion of two new teams in the Pakistan Super League took place at the Jinnah Convention Center in Islamabad.
After Ali Tareen withdrew, 9 parties are now participating in the bidding.
The two successful parties will be able to choose the names of the teams from Rawalpindi, Hyderabad, Faisalabad, Gilgit, Muzaffarabad, and Sialkot.
At the beginning of the event, 10 bidders and 6 potential cities participating in the auction were introduced.
After this, PCB Chairman Mohsin Naqvi rang the bell to officially announce the opening of the auction, while Wasim Akram took over the responsibilities of the auctioneer.
The base price in the auction was set at Rs 110 crore, with a condition of an increase of at least Rs 1 crore.