The bidding process for the addition of two new Pakistan Super League (PSL) franchises progressed on Thursday at the Jinnah Convention Centre, where FKS Group secured the seventh team for Rs1.75 billion and confirmed Hyderabad as its franchise city.
The bidding opened at Rs1.10 billion after Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi formally launched the auction by ringing the bell, while former captain Wasim Akram served as the auctioneer.
Ten bidders and six potential host cities were introduced at the start of the ceremony, which was attended by federal ministers, former players and senior PCB officials.
Following the opening round of bids, FKS Group emerged as the highest bidder, securing the seventh team for Rs1.75bn and selecting Hyderabad as the franchise name.
After former Multan Sultans owner Ali Tareen withdrew from the process, nine parties remain in the race.
The two successful bidders will be able to choose team names from Rawalpindi, Hyderabad, Faisalabad, Gilgit, Muzaffarabad and Sialkot, according to the PCB.
The PCB said PSL Season 11 will be held from March 26 to May 3, 2026, and with the inclusion of two new teams, the number of franchises will increase from six to eight.
At the ceremony, Pakistan Shaheens and the Hong Kong Sixes winning team were also honoured for recent successes.
Naqvi awarded Rs90 million to the Asia Cup-winning Rising Stars team, while the Hong Kong Sixes champions received Rs18.5 million in prize money.
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