KARACHI: The Pakistan Cricket Board (PCB) has terminated the franchise agreement with Schon Properties which granted franchise rights of the Pakistan Super League (PSL) team Multan Sultans after the franchise failed to meet is financial obligations.
Following the termination of contract all rights in respect of the team have now been reverted back to the PCB.
The PCB, in a statement, stated that the termination was brought about due to the former franchisee’s inability to meet its financial obligations under the agreement.
However, PCB has reaffirmed that the fourth edition of the PSL will go ahead as planned with six teams and the same number of matches.
“The Board shall take complete responsibility of all player and coach contracts,” said the joint statement by the PCB and Schon Properties.
It said that pending further updates, the team shall be referred to as “The Sixth Team” of the PSL.
“The team selection for the sixth team at the player draft scheduled to be held on 20th November 2018 will be done by PCB itself,” it announced.
The PCB will now enter into a public tender process to grant repackaged rights of the sixth team.
“The rights holder would have the option of choosing the sixth franchise city and name,” a PCB spokesman said.
Chairman PCB Ehsan Mani, following the development, said that it is to ensure strict adherence to contractual obligations for the well-being of Pakistan Super League.
“I want to reassure our partners – franchisees, sponsors, players, coaches and fans – that the Pakistan Super League will take place as planned. Our preparations are in full swing starting with the PSL Draft in Islamabad,” Mani said in a statement issued by the PCB.
“The 2019 edition of the PSL will be a memorable one with as many as eight matches including the play-offs and the final scheduled to take place in Pakistan.”
PSL-4 will kick off in the UAE with a glittering opening ceremony followed by the opening game on February 14, 2019.
PCB appreciates that Schon Group was the only bidder to meet the Reserve Price ($5.2 million per annum) PCB had set for the sale of the Multan Franchise. This was double the amount for which PCB had in 2015 sold the most valuable PSL Franchise Team. Asher Schon in particular has worked hard in building the Multan Sultans brand.
Asher Schon stated, “It has been a privilege being a PSL team owner over the past year. I am proud of the support Schon has always extended to Pakistan cricket and current affairs notwithstanding, will continue to passionately support it.”