The PSL will start on February 4

Image courtesy of: ESPNcricinfo

The Pakistan Cricket Board (PCB) have sold all five Pakistan Super League (PSL) franchises – Lahore, Karachi, Peshawar, Quetta and Islamabad – for $93 million over a 10-year period.

Karachi was the franchise that fetched the highest price as ARY Group paid $26 million to gain ownership.

Qatar Oil shelled out $25 million for Lahore, while Haier Group forked out $16 million for Peshawar. Meanwhile, Islamabad was bought by Leonine Global Sports for $15 million, while Omar Associate secured Quetta for $11 million.

It has also been confirmed that Habib Bank Limited will be the PSL’s title sponsor, while Ten Sports and PTV Sports will be the tournament’s official broadcasters. Tech Front earned the global television rights and Sunset and Vine were put in charge of producing the coverage. All the broadcast arrangements will be in place for the next three years.

“I am delighted with these positive developments and this is a major achievement in our PSL journey,” Najam Sethi, chairman of the PSL Governing Council, said. “The best part is that all team owners are ardent cricket fans and their dedication will make this league a success. HBL’s association with PSL is another indication of established brands partnering with the league.”

It is also understood that at least 80 percent of the revenue from the broadcast rights will be split among the five franchises, while the remaining 20 per cent will go to the PCB. The board will also take 50 per cent of the sponsorship rights, while the other 50 per cent will go to the franchises.

In addition to all this, the franchises will also gain 50 percent of the ticket sales at the gate.

The PSL, which is set to feature 24 matches in the United Arab Emirates, will start on February 4 and last for a month.