HYDERABAD: The auction process for two new Pakistan Super League (PSL) teams has concluded. The seventh franchise was purchased by FKS Group for Rs1.75 billion, while the eighth franchise was acquired by OZ Developers for a record Rs1.85 billion.

The recently auctioned teams of the PSL have officially been named Hyderabad and Sialkot. The FKS has picked Hyderabad after buying the franchise at whopping Rs1.75 billion. For Rs 1.85 billion, OZ Developers has picked Sialkot from the assigned names.

In the first round for the seventh team, the auction process saw a thrilling competition between FKS and I2C groups. The auction price started with Rs1.10 billion.

During the second round, the competition was seen between OZ Developers and I2C group.

A total of nine groups participated in the auction competition as Ali Tareen refused to participate in the process.

PSL CEO Salman Naseer stated that the league is among the best cricket leagues. “We are not just surviving; we are moving forward,” he added.

He highlighted that PSL has achieved several milestones over the years. According to Naseer, the success of the league has been driven significantly by the contributions of franchises and sponsors.

PCB CEO also acknowledged the crucial role of fans, saying that their support has been key to the league’s continued success.

Earlier, the auction ceremony for the inclusion of two new teams in PSL officially began.

The bidding process for the two new PSL franchises has been taking place at the Jinnah Convention Centre in Islamabad.

At the start of the ceremony, Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi awarded a prize of Rs90 million to the team that won the Rising Star Asia Cup.

Meanwhile, the team that clinched the Hong Kong Sixes title was awarded a cash prize of Rs18.5 million.

The two successful bidders had to select names from Rawalpindi, Hyderabad, Faisalabad, Gilgit, Muzaffarabad, and Sialkot.