Walee Technologies secure PSL franchise at historic valuation as ownership plans major rebrand ahead of PSL 11

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The auction for the Multan Sultans franchise has concluded with a record-breaking sale, marking a significant milestone in Pakistan Super League (PSL) history. Walee Technologies, a financial technology company, acquired the franchise for an annual fee of PKR 2.45 billion, the highest valuation ever recorded in the league. CD Ventures and Particle Igniter were the other two bidders involved in the process.

The auction was held just two days before the PSL 11 player auction, which will be conducted via an auction format for the first time instead of the traditional draft. Notably, Multan Sultans had not retained any players from the previous season, meaning the new owners will build the entire squad through direct signings and the upcoming auction.

Soon after finalising the purchase, the Walee group announced a major change by rebranding the franchise from Multan Sultans to a Rawalpindi-based team, reflecting the owner’s roots. This decision effectively ends Multan’s presence in the PSL after eight seasons. As a result, Rawalpindi Cricket Ground will now serve as the home venue for two franchises — the newly renamed team and three-time champions Islamabad United — while South Punjab will be left without a PSL team for the first time in nine years.

Bidding for the franchise began at PKR 1.82 billion and quickly surpassed PKR 1.85 billion, which had been set as a record just last month when OZ Developers purchased the Sialkot franchise. Walee Technologies eventually outbid CD Ventures and Particle Igniter to secure the team at the unprecedented price.

The franchise had been without a long-term owner after Ali Tareen, who bought the team in 2018, chose not to renew his agreement following PSL 10 due to differences with league management. Although Tareen was among the qualified bidders, he publicly stated on X that he would not engage in a bidding war at the current valuations, and his company did not place a bid.

PCB chairman Mohsin Naqvi, speaking after the sale, called it a “significant moment for the league,” highlighting how Multan once struggled to find buyers at far lower prices. He said the record valuation reflected growing confidence in the PSL’s long-term commercial strength and global appeal.

The sale comes amid a period of expansion for the PSL. The PCB has confirmed that PSL 11 will feature eight teams, with Hyderabad and Sialkot joining the competition. The 2026 season is scheduled to run from 26 March to 3 May, signaling a new era of growth and transformation for the league.