The Pakistan Super League (PSL) franchise Multan Sultans changed hands for Rs2.45 billion during an auction held by the Pakistan Cricket Board (PCB) on Monday.
Walee Technologies bought the rights for the franchise in a star-studded auction held in Lahore.
The auction began with the recitation of the Holy Quran, followed by the national anthem.
PSL CEO Salman Naseer welcomed the five qualified bidders before Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi officially inaugurated the auction by hammering the gong.
Later, moderator Sidra Iqbal listed down the rules for the auction, while auctioneer Fakhre Alam revealed the base price of the franchise to be Rs1.82 billion.
Soon after the base price was announced, the interested parties engaged in a bidding war until the winning bidder made their return with a staggering bid of Rs 2.45 billion, which proved decisive.
The representatives of winning bidder then received the celebratory key to the franchise from the PCB chairman, following which they revealed changing the city name from Multan to Rawalpindi.
Among the five qualified bidders was former owner of the franchise Ali Tareen, who decided against renewing the decade-long ownership contract following the landmark 10th edition of the marquee league.
Consequently, the PCB temporarily assumed control of the franchise, and its chairman had announced that the cricket board would oversee the matters of the former champions for the PSL 11, scheduled to run from March 26 to May 3.
However, the cricket board later reversed its decision and announced to auction the Sultans.
Consequently, the PCB formally invited bids for the ownership rights of the franchise by issuing an advertisement to attract interested parties last month.
The deadline for the submission of documents for technical proposals was set for January 30. The cricket board received six proposals, out of which five were shortlisted.
Addressing a presser alongside the new owners after the auction, the PCB chief lauded the success of the auction, saying months of preparation was behind it.
"Our aim was to take the team to the highest possible price," he added.
He added that Prime Minister Shehbaz Sharif had also called him during the auction. "He [PM Shehbaz] was happy to see how we are moving towards success."
Naqvi recalled that some critics had questioned whether the team could even reach a Rs1 billion valuation.
"They can see now. When effort is made, results follow," he said.
Reflecting on the vision of former PCB chairman Najam Sethi, he said, "The dream he had has increased in value, and international players are coming to Pakistan."
The PCB chief stated that the cricket board's goal is to make the PSL not just Pakistan's flagship tournament, but a global event.
A day after marathon meetings with International Cricket Council (ICC) Deputy Chairman Imran Khwaja, the PCB chairman said that "many things should be forgiven when someone calls on voluntarily".
The ICC deputy chairman had arrived in Pakistan on Sunday to discuss Pakistan’s boycott of a T20 World Cup fixture against India, scheduled for February 15.
During the presser, the PCB chief said that it was "premature to say something", adding that matters relating to Bangladesh are yet to be decided.
He said the PCB was in discussions with the ICC and was awaiting a response from the global cricket body. "Some friendly countries have also contacted us," he said, noting that they had conveyed their point of view.
Responding to questions about threats of heavy fines or a potential ban, the PCB chairman said: "I am not afraid of threats, nor is the government or the field marshal."
