Lahore Qalandars’ owners, Sameen Rana and Atif Rana, have agreed to renew their rights to the franchise for another ten years. The reigning champions and three-time Pakistan Super League (PSL) title winners are the first among the six teams to publicly confirm their acceptance of the Pakistan Cricket Board’s (PCB) re-evaluation process.
Their confirmation ends a period of mild uncertainty surrounding the ownership of what is widely regarded as the PSL’s most expensive franchise. While neither the Qalandars nor the PCB disclosed the exact numbers involved, as per ESPNcricinfo, EY-MENA, the financial consultancy engaged to assess each franchise’s value, has pegged Lahore Qalandars at approximately PKR 980 million (around USD 3.47 million) per year.
However, this figure is not the amount the current owners will pay under the renewed terms. Existing owners are required to pay the previous franchise value, about PKR 425 million (approximately USD 1.5 million) in the Qalandars’ case, plus 25% of the new valuation. This brings the annual fee for Sameen and Atif to roughly PKR 670 million (around USD 2.37 million). Had new owners stepped in, they would have been required to pay the full market valuation, about PKR 300 million (USD 1.06 million) more than what the current owners will pay.
“The franchise has accepted the PCB’s renewal offer to continue as a PSL team for the next 10 years. Following an independent valuation by independent experts EY MENA, Lahore Qalandars have been recognised as the most valuable team based on combined on-field performance and organisational strength. This accolade reflects the franchise’s commitment to sustainable growth and long-term development,” said Qalandars in a media release as quoted by ESPNcricinfo.
Shortly after, Peshawar Zalmi owner Javed Afridi confirmed that the franchise would also renew its contract for another ten years. According to ESPNcricinfo, the team’s market valuation has been assessed at approximately PKR 870 million (around USD 3.1 million), a significant rise from its original 2016 valuation of PKR 270 million (about USD 956,000). With the renewal, Afridi will now pay an annual franchise fee of roughly PKR 500 million (around USD 1.8 million).
“Retaining our franchise rights for the next ten years is both an honour and a responsibility. This is not just a continuation; it is a commitment to build bigger, aim higher, and deliver even greater value to the PSL and to Pakistan’s cricketing ecosystem. The next decade belongs to ambition, innovation, and a stronger Zalmi vision,” said Afridi.
While the remaining franchises have yet to formally announce their renewals, it is widely expected that all, except Multan Sultans, will eventually agree to the new terms. The Lahore Qalandars have now overtaken the Karachi Kings in valuation, the Kings, once the most expensive franchise at the PSL’s launch with a price tag of PKR 440 million, are understood to have experienced the lowest percentage growth among the five original teams since 2016. Their current valuation is believed to be just under PKR 800 million, meaning a renewal would cost owner Salman Iqbal approximately PKR 640 million (around USD 2.27 million) annually.
A key point of contention in the discounted rate offered to existing owners is that it only applies when the new valuation exceeds the previous one. Multan Sultans, who joined the league in its third season, had their annual franchise fee set at PKR 1.1 billion (about USD 3.89 million). Their current valuation, however, has dropped to roughly PKR 850 million (around USD 3 million), making them the only franchise to depreciate in value.
Under the new terms, Sultans would still be required to pay the higher, original value, along with an additional 25% of that amount, as their annual franchise fee. This issue has become a major sticking point between owner Ali Tareen and the PSL. Tareen’s public criticism of the league’s approach resulted in the Sultans not receiving a renewal offer when the other five teams did earlier this month, prompting him to threaten legal action.
Meanwhile, the PSL is expected to expand to eight teams next season. Although the identities of the new franchises are yet to be decided, the bidding process is anticipated to take place early next year.