Schön Group, a Dubai-based company which specialises in real estate, has acquired the rights to a Pakistan Super League (PSL) expansion franchise, choosing to place the cricket team in the city of Multan.
The ESPNCricinfo website said Schön emerged victorious in an auction process that involved around 12 bidders, with the firm being the only one to meet the Pakistan Cricket Board’s (PCB) base price of $5.2m (€4.74m) per year. The contract, subject to legal formalities, is for eight years, valuing the sixth PSL franchise at $41.6m.
The PSL’s original five franchises of Lahore Qalandars, Islamabad United, Karachi Kings, Quetta Gladiators and Peshawar Zalmi sold for $93m over a 10-year period. Karachi was the most expensive team with the ARY Group paying $26m for its franchise.
Schön had the right to choose between Multan, Faisalabad, Dera Murad Jamali, the Federally Administered Tribal Areas (FATA) and Hyderabad as the base for its team.
The PCB’s original deal with its five franchises meant that it could only add new teams after the league’s second season, which concluded in March.