Haier Group Acquires PSL Peshawar Team at $16 Million

Haier Group, a consumer electronics and home appliances company, paid $16 million for Peshawar. As Najam Sethi, Chairman of the PSL Governing Council, said after the bidding was complete.

“I am delighted with these positive developments and this is a major achievement in our PSL journey.”

Pakistan Super League (PSL) will start on February 4 which will feature sides from Lahore, Karachi, Peshawar, Quetta and Islamabad. For this purpose Pakistan Cricket Board (PCB) has sold all five Pakistan Super League (PSL) franchises for $93 million for a time period of ten years. The PSL is scheduled to be staged in Dubai and Sharjah from February 4-24. According to the scheduled plan there will be 24 matches.

Haier Group Acquires PSL Peshawar Team at $16 Million

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It has been learnt that the companies officially in the race included ARY Media Group, Omar Associates, Arif Habib Group, Haier, Mobilink as well as two foreign companies: UAE’s Venture Capital and Qatar’s Premier Oil Company QALCO. But Seven companies presented their official proposal for the biding process. Out of which five companies became successful in getting the franchises.

Regarding the importance of Pakistan Super League (PSL), the official from PSL said that:

“What’s heartening for us is the fact that out of the seven, six parties have submitted bids for all five franchises while only Arif Habib Group has submitted a bid for Karachi. So this shows that people are keen on what PSL has to offer.”

As a minimum, 80 percent of the revenue from the transmission rights will be equally divided among the five PSL franchises. The other 20 percent will go to the PCB. In the same way at least 50 percent of the income from the sponsorship rights will be shared among the franchises and the PCB will use the other 50 percent.