The Pakistan Super League franchise formerly known as Multan Sultans has changed hands – and names – in an auction that set a fresh benchmark for the competition. Walee Technologies, a Rawalpindi-based fintech firm, secured the team for an annual fee of PKR 2.45 billion, surpassing the PKR 1.85 billion paid for the new Sialkot side only a few weeks ago.
The deal, struck just 48 hours before the first ever PSL player auction, means Multan Sultans disappear from the league’s map after eight seasons, a title and three further finals. Walee’s first decision was straightforward: the club will now be called Rawalpindi, reflecting the owners’ home city. It also means Rawalpindi Cricket Ground suddenly hosts two PSL outfits – the re-branded team plus three-time champions Islamabad United – while South Punjab, a region that had embraced Multan with enthusiasm, goes without representation for the first time.
Bidding opened at PKR 1.82 billion and quickly climbed. Walee faced competition from CD Ventures and Particle Igniter, yet the fintech’s final offer proved decisive. Ali Tareen, who rescued the franchise in 2018, qualified to bid but chose not to re-enter the fray. On X he admitted he “did not wish to enter a bidding war”, an understandable stance given the soaring figures on the day.
PCB chairman Mohsin Naqvi welcomed the outcome, saying it was a “significant moment for the league”. He reminded reporters that Multan once struggled to find backers for far less money, adding that the new fee “reflects the growing confidence in the PSL’s long-term commercial prospects”.
The timing is handy for the board. PSL 11 expands to eight teams – Hyderabad and Sialkot join the party – with matches pencilled in from 26 March to 3 May 2026. The forthcoming player auction, replacing the familiar draft system (teams now bid openly rather than picking in rounds), will build the first Rawalpindi roster from scratch because the old Multan squad was released wholesale.
For supporters in Multan and the wider south, the news stings; plenty felt the Sultans gave the region a voice on the national stage. Still, PSL history suggests loyalties can migrate, especially when success follows, and the new owners insist community programmes in Rawalpindi will be “front and centre” of their plans.
Whether the re-brand pays sporting dividends remains to be seen. What is clear is the league’s valuation curve continues upward – and everyone else will be watching the next set of balance sheets almost as closely as the run-rate.
