As many as three Pakistan Super League (PSL) franchises, including Lahore Qalandars, Peshawar Zalmi and Quetta Gladiators, renewed their deals 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.
The three-time champions Qalandars were the first to extend their deal after a comprehensive valuation.
PCB Chairman Mohsin Naqvi lauded the contribution and leadership of the franchise and said franchise owners Atif Rana and Sameen Rana have worked hard to make the franchise “a household name in Pakistan and a reputable brand around the world”.
“Their decision is a testament of confidence in the power and traction 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 of one of the most recognizable 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 has written the newly assessed valuation.
As a result, the franchise will remain under the ownership of the famous cricket figure of the country, Nadeem Omar, for the next few years.
“The PSL is pleased to confirm that the Quetta Gladiators will continue under the management 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 PSL franchise renewals come after the PCB completed the independent valuation process and other commercial assets earlier this month.
After the completion of the process, the cricket board issued renewal offer letters to all eligible PSL franchisees 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 for which the representative teams are yet to be finalised.
Meanwhile, the PCB also received assessment reports for two new PSL teams. Interested bidders will be able to choose from the shortlisted city names including Hyderabad, Sialkot, Muzaffarabad, Faisalabad, Gilgit and Rawalpindi.
