PCB sells franchises for $93 million

Lahore: Pakistan’s bid to stage its first-ever Twenty20 league received a shot in the arm with the sale of five franchises for $93 million for ten years, its cash-strapped cricket board has announced.

 

The Pakistan Cricket Board (PCB) had been trying to launch a Pakistan Super League (PSL), an annual competition based on lucrative leagues in India and Australia, but bids in 2013 and 2014 were stalled due to lack of sponsorship.

 

On Thursday the PCB announced it has sold five teams — from Quetta, Peshawar, Lahore, Karachi, and Islamabad — for the league to be staged in Dubai and Sharjah from February 4-23 next year.

 

The PCB said top players like Chris Gayle and Kevin Pietersen are among a host of players who have agreed to play in the competition, while it has also attracted leading coaches for the teams.

 

The coach selection process will take place in the next 10 days and the player draft event will take place by the end of December. “The PCB is proud to announce that the PSL’s commercial rights for franchises, title sponsorship, and broadcast have been sold,” said a PCB release. PSL chairman Najam Sethi said the deals show progress being made in the PSL bids.