Multan Sultans PSL franchise sold for record Rs2.45bn, new owner eyeing Rawalpindi name change

In an historic move, Pakistan Super League (PSL) Multan Sultans were sold at a record-breaking price of Rs2.45 billion, securing ownership for Walee Technologies ahead of the tournament’s eleventh edition in Lahore. The sale included a commitment to maintain ownership for ten additional years.

At the auction event hosted by Fakhr-i-Alam, Walee Technologies CEO Ahsan Tahir revealed that his company had outbid other contenders with their winning bid and announced plans to change the team’s name to Rawalpindi—a move met with enthusiasm from both the new owners and the Pakistan Cricket Board (PCB).

“We are going for Rawalpindi,” Tahir exclaimed, setting a surprise in motion. His excitement was shared by PCB Chairman Mohsin Naqvi, who lauded Walee Technologies’ successful bid while highlighting the vision of former chairman Najam Sethi, whose dream was realized through this transaction.

Sethi, now part of the new ownership team, expressed his delight at seeing his creation continue under a friend’s stewardship. “I’m obviously over the moon that it’s come through under Mohsin Naqvi,” he declared. “This Multan Sultans was created by Najam Sethi sahib and I am so pleased he is with us today.”

Naqvi’s enthusiasm extended beyond the PSL, indicating his intention to share positive news about potential collaborations from another front—the ICC—and mentioned that such discussions were ongoing.

However, Naqvi also acknowledged concerns regarding the brand’s longevity. He was mindful of the team’s reputation and its age, stating, “I cannot ask the person paying Rs2.45 billion to keep the name Multan Sultans.” The future of the brand would need to be carefully considered in this delicate balance.

When addressing questions about setting the opening bid at Rs1.82 billion, Naqvi explained that it was the second-highest bid for another PSL team and came from a similar bidding environment. He also addressed ongoing ICC discussions regarding Pakistan’s boycott of the T20 World Cup against India, noting the complex dynamics involved.

Walee Technologies, described on their website as a global player specializing in media, finance, and technology ventures, had already acquired the PSL’s live streaming rights prior to this transaction.