Walee Technologies purchased the former Multan franchise at the Pakistan Super League (PSL) auction for a record Rs2.45 billion on Monday, with the new owners confirming the team would be renamed Rawalpindi ahead of the upcoming PSL 11 season.
The highly anticipated PSL franchise auction took place at the Expo Centre Lahore, marking a significant moment in the league’s history as franchise valuations reached new highs under the revised ownership model.
The auction began at 6:35pm, with a base price of Rs1.82b set by the Pakistan Cricket Board (PCB). What followed was an intense bidding battle involving several corporate heavyweights.
Walee Technologies opened proceedings with a bid of Rs1.9b before facing stiff competition from CD Ventures and Particle Igniter. The bids escalated rapidly as all three parties repeatedly outbid one another, pushing the price well beyond the initial valuation.
After a prolonged contest, Walee returned with a decisive offer of Rs2.45b, securing ownership of the franchise at the highest price ever paid for a PSL team.
The PCB had earlier confirmed five qualified bidders for the Multan franchise: Walee Technologies, Aim Next Inc, Deharki Sugar Mills, Particle Igniter and CD Ventures.
However, former owner Ali Tareen’s Deharki Sugar Mills did not place a single bid during the auction, signalling a complete withdrawal from the franchise they previously controlled.
Following the successful bid, Walee Technologies confirmed that the franchise would compete as Rawalpindi going forward, ending Multan’s association with the PSL after several seasons.
The rebranding is expected to be formally unveiled in the coming weeks, with squad planning and commercial activities set to accelerate ahead of PSL 11, which will be played under the league’s new auction-based structure.
