Multan Sultans disbanded: New owners to move franchise to Rawalpindi after record bid of $8.8m PSL | Cricket News - The Tech Word News

The Pakistan Super League has witnessed a dramatic turnaround after financial technology firm Walee Technologies secured ownership of former champions Multan Sultans for a record annual fee of $8.8 million, making it the most expensive franchise in the tournament’s history.Go Beyond The Boundary with our YouTube channel. SIGN UP NOW!The successful bid, completed at the Lahore auction, comes at a time of rapid expansion for the PSL. Last month, the Pakistan Cricket Board (PCB) increased the number of teams from six to eight ahead of the new season starting on March 26. Newcomers Sialkot and Hyderabad sold for $6.55 million and $6.2 million, respectively, with Sialkot previously holding the sales record before Walee’s landmark purchase.

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Walee Technologies has announced that the Multan Sultans identity will be effectively dissolved, with the franchise relocating and rebranding to Rawalpindi – the home city of the new ownership group. Promising major developments ahead, CEO Ahsan Tahir said: “The road ahead will be very exciting in the coming weeks, months and years as we continue to amaze our fans with various developments.”The sale also marks the end of Ali Tareen’s association with the franchise after the former owner decided not to renew his contract following differences with the PCB last year. Initially, the board had planned to run the team alone for the upcoming season, but strong market interest following the sale of Sialkot and Hyderabad prompted a change in strategy.

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