PSL 2016: Team Karachi Sold Off to ARY CEO, Salman Iqbal at $2.6 million!

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Salman Iqbal, CEO ARY Network has initiated the sponsorship of Pakistan Super League 2016 teams after purchasing the most expensive team, Team Karachi at the staggering amount of $2.6 million.

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The Karachi team is then followed by Team Lahore, sold at $2.4 million and Team Peshawar sold at $1.6 million respectively.

Here is the breakdown on team sponsorship:

PTCL
  • ARY Group purchased Karachi for $2.6M
  • Qatar Oils purchased Lahore for $2.4M
  • UAE Capital Venture purchased Islamabad for $1.5M
  • Haier purchased Peshawar for $1.6M
  • Omar Associates purchased Quetta for $1.1

Pakistan T20 league is all set to take place on February 4 and will be guarded till February 24 in Dubai and Sharjah. Seven companies have participated in the franchise bidding process of the Pakistan Super League (PSL) on Wednesday in Lahore.

According to the reports, PSL will take place on February 4 in Dubai and Sharjah where the league will host 24 games in 20 days. The completion of the league will take place on February 24. The league includes experienced cricketers like Chris Gayle, Kevin Pietersen, Kieron Pollard, Shane Watson, Lasith Malinga, Dwayne Bravo, Angelo Mathews and others in attendance.

The reports further revealed that 5 franchises including Karachi, Lahore, Quetta, Peshawar and Islamabad will represent in PSL as 5 major cities.

Pakistan Super League

The official, while revealing more about the tournament said that each team squad in PSL can be a 16 member team with 11 local players and 5 overseas players.

The team will also consist of 2 emerging players. In all, there are 75 players in 2016 PSL including 25 overseas players and 55 local players.

There are 5 categories under which the PSL is branched:

  • Platinum: 20 million rupees
  • Diamond: 7 million rupees
  • Gold: 5 million rupees
  • Silver: 3 million rupees
  • Emerging: 2 million rupees

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PSL reports further affirmed that there were a number of parties that showed interest in the franchise bidding process, but in the end there were only seven parties, including the Middle Eastern parties who were able to confirm proposals and documents at the Pakistan Cricket Board (PCB) headquarters.

“We’re happy that seven credible companies with clean and strong backgrounds have participated in the bidding war of PSL franchises,” a PSL official told a local newspaper.

Other sources disclosed the names of the companies who are officially involved in the franchise bidding. The names embodied in the bidding included ARY Media Group, Omar Associates, Arif Habib Group, Haier, Mobilink as well as two foreign companies: UAE’s Venture Capital and Qatar’s Premier Oil Company QALCO.

“What’s heartening for us is the fact that out of the seven, six parties have submitted bids for all five franchises while only Arif Habib Group has submitted a bid for Karachi. So this shows that people are keen on what PSL has to offer,” added the official.

The officials also disclosed that the bidders will reserve their financial bids according to their preferences. “If none of them meet the price, then we’ll hold an auction between all seven parties,” said the official. “If more than one party meets the reserved price for a certain franchise, there will be rebidding between them, and the highest bidder will get the rights.”