How much is base price for new teams in PSL 11?

LAHORE: The PCB has fixed a base price of $4 million for the bidding process of the two new franchises to be introduced in the 11th season of PSL.

The sources further revealed that the auction to select the owners of the two new franchises will be conducted on January 8 in the Islamabad Convention Centre.

The starting price is set at $4 million, though it may vary as it progresses to the bidding phase. The prospective bidders are required to submit a bidding fee of $200,000 as a security deposit.

The unsuccessful bidder shall pay a fee of $20,000, and the amount of $180,000 shall be refunded.

Sources have revealed that the PCB’s bidding committee would evaluate the entire technical aspect, and those who have the requisite credentials would be called to take part in the auction.

Additionally, it was clarified that the owner of the franchise who buys the rights to the franchise for a period of 10 years will not be allowed to sell the franchise for the first three years.

However, after three years, in 2029, the owner can waive the right of ownership if they wish.

As per the tender documents of the PCB, the eight teams are supposed to receive $3 million per year for the central pool amount for five years, ranging from 2026-2030.

However, the documents also failed to specify details regarding revenue sharing for the rest of the five years.

Sources have also revealed that because of an ongoing feud between Ali Tareen and the PCB, the owner of the Multan Sultans is reportedly pulling out of the franchise. His contract expires on December 31.

It is also stated that the PCB is currently considering a proposal to handle the Multan Sultans team itself in the coming year, but the fate of the proposal is still pending.

At the same time, the PCB has confirmed the timeline for the 11th edition of the PSL, to be played between March 26th and May 3rd next year.

It is pertinent to mention here that Indian Premier League (IPL) is also going to start around the same time.