Karachi, Dec 3: Pakistan Cricket Board (PCB) today said that it has sold the five franchises of its scheduled Pakistan Super League (PSL) T20 event for around 920 million rupees (approximately USD 9.2 million).
Najam Sethi, who heads the PSL secretariat, told the media in Lahore that PCB has sold the commercial rights for title sponsorship and broadcast rights. He said the PSL preparations and franchise/commercial rights sales were well within the estimated budgetary projections.
He said despite apprehensions being expressed about the PSL in some quarters, the PCB had managed to attract good investment in the league.
According to details after bids were opened today in Lahore, the Karachi franchise was sold for USD 2.6 million to Ary media group, Lahore for USD 2.4 million to Qatar Oil, Peshawar for USD 1.6 million to Haier, Islamabad for USD 1.5 million to Leonine Global sports and Quetta for USD 1.1 million to well known cricket organiser and team owner Nadeem Omar.
The PCB chief Shaharyar Khan did not elaborate whether the amount quoted was for just one year or for longer durations. The Board had initially said it would sell each franchise for around 550 million rupees (USD 5.5 million) for a three-year period.
The PCB has planned to have the PSL from February 4 to 23 in Dubai and Sharjah but so far has not revealed the financial model of the league.
Sethi said that in another successful development, one of Pakistan's oldest and biggest banks, Habib Bank Limited has joined the PSL as title sponsor for the first three years of the league. As a result of this partnership, the league will now officially be known as the HBL Pakistan Super League.
"I am delighted with these positive developments and this is a major achievement in our PSL journey. The best part is that all team owners are ardent cricket fans and their dedication will make this league a success. HBL's association with Pakistan Super League is another indication of established brands partnering with the league," he said.
Sethi also confirmed that PSL's broadcast arrangements have also been finalized for the next three years. The coverage will be produced by Sunset+Vine. Global TV rights for the same duration have been sold to Tech Front, a UAE-based media rights acquisition company.