WALEE TECHNOLOGIES, a financial technology company, has acquired the Multan Sultans franchise in the Pakistan Super League (PSL) auction for an annual fee of PKR 245 crore, the highest valuation in the league’s history.
The auction was held two days before the PSL player auction for the 11th edition, which will mark the first season in which squads are assembled through an auction system rather than a draft. Ahead of the process, the Sultans did not retain any players from the previous season and will build their entire squad through direct signings and the auction, according to ESPN.
One of the first decisions taken by the Walee group after taking over the franchise was to effectively discontinue the Multan Sultans identity, announcing plans to shift the team to Rawalpindi, the owner’s home city, along with a name change.
The franchise had a base price of PKR 182 crore. Five technically qualified bidders participated in the auction, Walee Technologies, Aim Next, Particle Igniter, CD Ventures and DSM, with Walee emerging as the successful bidder.
The Sultans had been without a long-term owner after Ali Tareen, who acquired the team in 2018, chose not to renew his agreement following PSL 10 due to differences with the league’s management.
The sale comes amid the PSL’s expansion plans. The Pakistan Cricket Board has confirmed that the 11th edition will feature eight teams, with Hyderabad and Sialkot set to join the competition.
CEO Walee Technologies Ahsan Tahir said, “We are delighted to have become a part of the HBL PSL family and it feels great to be contributing towards the growth of Pakistan Cricket. We are thankful and extend our felicitations to the Chairman PCB and the HBL PSL team for successful conduct of this event. The journey ahead is going to be highly exciting in the coming weeks, months and years as we will continue to amaze our fans with various developments.”
