Indonesia-based FKS Group has bought the seventh Pakistan Super League team for Rs1.75 billion. The auction was held at the Jinnah Convention Centre in Islamabad on Thursday. As a result, the newly added PSL franchise has been officially named Hyderabad.
The bidding process started at Rs1.10 billion and quickly became competitive. FKS Group and I2C Group emerged as the strongest contenders during the auction. Eventually, FKS Group secured the team after an intense bidding battle.
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Meanwhile, PSL CEO Salman Naseer praised the league’s steady growth and strong commercial appeal. He said the PSL was not only surviving but also moving forward. Moreover, he credited franchises and sponsors for strengthening the league.
At the same time, PCB officials highlighted the importance of fan support. PCB Chairman Mohsin Naqvi awarded Rs90 million to the Rising Star Asia Cup winners. In addition, the Hong Kong Sixes champions received Rs18.5 million as prize money.
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The auction also marked the start of adding two new teams to the PSL. Nine groups competed after former Multan Sultans owner Ali Tareen withdrew. The successful bidders can choose team names from Rawalpindi, Hyderabad, Faisalabad, Gilgit, Muzaffarabad, and Sialkot.