The Pakistan Cricket Board (PCB) announced on Saturday that the agreement which gave franchise rights of Multan Sultans PSL team to the Schon Group has been terminated.
A joint statement issued by the PCB and Schon Properties Broker LLC said all rights in respect of the sixth Pakistan Super League (PSL) team have reverted back to the board as a result of the agreement’s termination.
“The termination was brought about due to the former franchisee’s inability to meet its financial obligations under the agreement,” the statement revealed.
Dubai-based Schon Group had acquired the Multan franchise for an eight-year contract worth $5.2 million (per annum) in a bid held last year, surpassing Karachi Kings as the most expensive franchise.
The PCB statement confirms that the fourth edition of PSL will go ahead as planned with six teams and the same number of matches.
“The board shall take complete responsibility of all player and coach contracts,” it said, adding that pending further updates, the team will be referred to as “The Sixth Team” of PSL.
The team selection for the Sixth Team at the player draft scheduled for November 20 will be done by the PCB itself, according to the statement.
A public tender process will then be started to grant repackaged rights of the team, the board has stated.
“The rights holder would have the option of choosing the sixth franchise city and name,” said PCB.
Today, Pakistan Cricket Board Unveiled Sixth Team Selection Panel.
The selection for the Sixth Team at the HBL PSL Player Draft 2018 will be conducted by a panel comprising essential staff of the team.
The panel, headed by team manager Nadeem Khan, includes the following:
1. Nadeem Khan, Team Manager & Head of Panel
2. Shoaib Malik, Captain
3. Faisal Mirza (Consultant)
4. Haider Azhar (Consultant)
5. Johan Botha (via telephone / video link)
6. Abdul Rehman (via telephone / video link where possible)
Earlier there were reports that, A few officials of Multan Sultans have already started a quest to repurchase the sixth franchise of the Pakistan Super League (PSL) ahead of the season four.
According to sources, the board is keenly interested to take services of the Multan Sultans officials to run the matters for the upcoming season.
A few officials of the franchise (Multan Sultans) are eyeing to repurchase the rights of the team with a new name of Faisalabad on lesser price tag, report suggests.