The 6th Team in the Pakistan Super League, the Multan Sultans, was bought by the Schon Group.
One of the richest families of Pakistan, Schon Group bought the newly added Multan team in Pakistan Super League after successful bid at Pakistan Cricket Board. The Schon Group will be paying a hefty $41.6 million in a period of 8 years for this contract. This acquisition, of $5.2 million per year, turns out to be the biggest one in the history of Pakistan Super League.
Before Multan purchase, of all the PSL teams, Karachi Kings was deemed the biggest sale. It was acquired by Ary Group for $2.6 million per year for a contract spanning a decade.
There was a NAB inquiry against Owners of Pakistan Super League franchise Multan Sultans / Schon Properties and they were alleged to be involved in financial scam of RS1.245 Billion.
Schon Group was on NAB’s radar as they were involved in Loan Default (Unable to repay the loans/debt to the terms agreed to in the promissory note or in other words they are gone bankrupt). Inquiry was on final stages then and now it can outcome in huge losses for Schon group.
Now, There are rumors that Schon Group went bankrupt and might sell Multan Sultans.
Schon Group who owned most expensive Team of PSL 2018 might leave and sell MULTAN SULTANS as they went bankrupt. According to NAB Multan Sultans / Schon Properties owners are involved in financial scam of RS1.245 Billion.