As many as three Pakistan Super League (PSL) franchises, including Lahore Qalandars, Peshawar Zalmi, and Quetta Gladiators, renewed their agreements on Monday, the Pakistan Cricket Board (PCB) announced on Monday.
The franchises will now remain with their current owners for the next ten years after renewing their agreement, the PCB said in a statement.
Three-time champions Qalandars were the first to extend their agreement, following a comprehensive valuation.
PCB Chairman Mohsin Naqvi praised the franchise’s contribution and leadership, saying that franchise owners, Atif Rana and Sameen Rana, have worked hard to turn the franchise “into a household name across Pakistan and a reputable brand around the world”.
“Their decision is a testament of confidence in the power and pull of the PSL,” he said in a statement.
Zalmi, the 2017 champions, followed the Qalandars in renewing their franchise contract at the market value determined through the valuation process.
“The franchise rights for one of the most recognisable and influential teams in the PSL, Peshawar Zalmi, will remain with their current owners for the next decade following the renewal of their franchise agreement on Monday,” the PCB said in a statement.
The Gladiators became the third team to renew their PSL contract for the next 10-year cycle, with the PCB announcing that the franchise inked the newly assessed valuation.
As a result, the franchise will remain in the ownership of renowned cricketing figure in the country, Nadeem Omar, for the next years.
“The PSL is delighted to confirm that Quetta Gladiators will continue under the stewardship of their current owners for the next decade, as the franchise has formally renewed its long-term agreement on Monday,” the PCB said in a statement.
The announcements of the PSL franchise contracts renewals come after the PCB finalised the independent valuation process and other commercial assets earlier this month.
Following the completion of the process, the cricket board issued renewal offer letters to all compliant PSL franchises, detailing the revised franchise fees for the upcoming 10-year cycle.
The upcoming 11th edition of the marquee league will mark the addition of new teams, the representative teams for which have yet to be finalised.
Meanwhile, the PCB also received valuation reports for two new PSL teams. Interested bidders will be able to select from the shortlisted city names, including Hyderabad, Sialkot, Muzaffarabad, Faisalabad, Gilgit, and Rawalpindi.
