Pakistan Super League (PSL) Chief Executive Officer Salman Naseer on Wednesday announced that an auction will be held for two new franchises, marking a major development as the league enters its next phase.

Addressing a press conference in Karachi, Salman Naseer said that when the PSL was launched, public interest was limited, but five parties placed their trust in the project and purchased teams.

He said that despite attempts to malign the league, PSL continued to grow and achieve success.

“All PSL agreements have completed their 10-year term, and as decided earlier, the league is now undergoing a fresh valuation process after the tenth edition,” he stated.

Naseer announced that two new PSL franchises will be auctioned, and bidding parties will be given a pool of city names from which they can select one for their team.

The PSL CEO also confirmed that Habib Bank Limited (HBL) will remain the league’s title sponsor for the next two years.

“HBL has renewed its contract at a fair market value determined by an independent evaluator — a 505 per cent increase from the original deal,” he said.

He added that existing franchises will be reassessed and given new valuations.

“A franchise can retain its team by agreeing to the new valuation; otherwise, it will enter the bidding process,” Naseer explained.

Naseer reaffirmed that the league’s progress would not be hindered by any individual’s actions.

“PSL is now the second-largest cricket league in the world,” he said, adding that plans are underway to host PSL 11 matches across multiple cities.

Commenting on recent controversies concerning Multan Sultan, he said the league would not engage in public disputes.

“The way Ali Tareen is trying to malign the league is unacceptable — we will resolve this matter behind closed doors,” he maintained.

Regarding Afghan players, Salman Naseer said a final decision on their participation would be made closer to the player draft.