Multan Sultans bidding: Walee Technology emerges as PSL eighth team owner for Rs2.45bn

ISLAMABAD: The much-anticipated final bidding for the last team of the 11th edition of the Pakistan Super League (PSL) concluded with Walee Technology emerging as the owner of the eighth franchise for PKR 2.45 billion.

Walee Technology also opted to rename the team from Multan Sultans to Rawalpindi, having chosen two out of three available options: retaining the team’s name, changing the name, or relocating the team’s city.

The auction for the eighth PSL team commenced on Monday evening, with multiple bidding phases interspersed with short breaks and strategic timeouts, keeping the nerves of all participants on edge.

The bidding for the team, initially named Multan Sultans and now rebranded as the Rawalpindi franchise, started at a base price of PKR 1.83 billion.

During the auction, all bidders were required to quote their offers in Pakistani Rupees (PKR), with a minimum incremental bid of PKR 10 million over the base price announced by the PCB. Any bid increase below this threshold was not accepted, although participants had the option to bid higher than the minimum increment.

Each bidder had the opportunity to use one strategic timeout of up to five minutes to consult with their representatives before deciding on their next move, though communication with other bidders was strictly prohibited during this period.

The auctioneer declared a bidding round closed once no new bids surpassed the highest incremental offer, despite a final call. Following the conclusion of the final round, the highest valid bid over the base price, PKR 2.45 billion by Walee Technology, was provisionally declared the winning bid, securing their position as the owner of the PSL’s eighth team.

The auction drew intense interest, reflecting the growing commercial appeal and competitiveness of the Pakistan Super League.