ISLAMABAD: The Pakistan Cricket Board (PCB) has announced its first qualified bidder as the Pakistan Super League (PSL) prepares for its 11th edition, which will see the addition of two new franchises.

The auction is scheduled for January 8 at the Jinnah Convention Centre in Islamabad, with the tournament set to run from March 26 to May 3.

In a social media post, the PSL confirmed a renowned company as Bidder #1 out of 10. The post read: “And we’re off! Inverex Solar Energy confirmed as Qualified Bidder #1️⃣ in the HBL PSL Teams Auction.”

The PSL is expanding from six to eight teams as the PCB completes technical evaluations of proposals submitted by interested groups.

Among the confirmed bidders is the Tareen Group, led by businessman Ali Khan Tareen, who previously owned the Multan Sultans.

Tareen acquired the franchise in 2018 and turned it into one of the PSL’s most consistent performers, winning the title in 2021 and reaching multiple finals.

However, relations between Tareen and the PCB deteriorated over renewal terms and governance issues.

He was the only owner not offered a 10-year extension, and the dispute escalated after the PCB issued a legal notice citing alleged contract breaches.

Tareen announced his exit in late 2025, which became effective at the end of the year, making him eligible to bid for one of the new franchises.

Other bidders include Karachi-based VGO TEL, led by CEO Naveed Gaba, and OZ Group, chaired by Hamza Majeed, which has formally joined the race.

Majeed has previously emphasised his commitment to sports investment, making OZ Group a strong contender.

Successful bidders will later have the opportunity to select a home city from the PCB-approved list, which includes Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad and Gilgit.