The owners of Quetta Gladiators, Karachi Kings and Islamabad United have all confirmed they will renew their ownership for ten further years. The announcements follow previous public statements from Lahore Qalandars and Peshawar Zalmi also officially confirming their renewed ownership.
It means the five franchises the PSL began with have signed deals to continue with the same owners. Shortly after United went public, Multan Sultans owner Ali Tareen announced he would not be extending his ownership of the franchise.
Each franchise was widely expected to renew. Kings, who were initially the most valuable franchise in 2016, officially saw the smallest percentage growth in their annual franchise fee, representing what were perceived as particularly beneficial terms. They were valued at PKR 440 million (approx US$1.57m) in 2016 and about 790 million (approx US$2.8m) in the most recent valuation.
With incumbent owners retaining franchise rights, they are required to pay the old value plus 25% of the new valuation, meaning Kings' annual franchise fee comes to around PKR 640 million (approx US$2.3m). That means their market value has dipped below that of Lahore Qalandars and Multan Sultans, and is only higher than Quetta Gladiators.
"A decade ago, we made a promise to help bring cricket back to Pakistan," Kings owner, Salman Iqbal, tweeted. "Today, I am proud to announce that we have officially renewed Karachi Kings' franchise rights for the next 10 years! This isn't just a renewal; it's a recommitment to the vision that built the HBL PSL."
Quetta and Islamabad have joined them. Gladiators are understood to have the lowest market value but the largest growth in their value. Their annual fee in 2016 was about PKR 187 million (approx US$660,000). With their market value going up to approximately PKR 690 million (approx US$2.45m), retention means the owners will have to pay in the region of PKR 360 million (approx US$1.28m) per year.
United, too, have pipped Kings in market value, which is estimated at about PKR 860 million (approx US$3.06m). This is up from PKR 255 million (approx US$910,000) at the advent of the PSL, requiring owner Ali Naqvi to pay about PKR 470 million (approx US$1.67m).
Two new teams will be added ahead of the next season of the PSL, which is set to be held between March and May 2026. With Sultans' ownership group declining to retain, the PSL has to find an ownership solution for three teams before the draft for the 11th edition can get underway.