PSL Eighth team bid Rs1.82 billion at historic auction.
ISLAMABAD: The i2c, a company of Mr. Amir Wain, offered its second Pakistan Super League (PSL) team to be sold at i2c at a historic auction held here in the Jinnah Convention Centre in Thursdays.
The minimum price of the eighth PSL team has been pegged at Rs1.70billion following the purchase of the ownership of the first franchise to be sold by FKS Group at Rs1.75billion.
The company was also momentarily involved in a bidding war with i2c until they submitted an offer of Rs1.75billion which assisted them to assume the leadership of the new franchise.
The marquee league, which was new in 2016 with five teams and 2018 with six, will be expanded with two new franchises.
Before this historic auction, the Pakistan Cricket Board (PCB) had shortlisted 6 cities on which the successful bidders would have to choose the name of their teams, these cities are: Hyderabad, Faisalabad, Muzaffarabad, Gilgit and Sialkot.
After the historic 10 th edition of the marquee league, the PCB conducted a valuation exercise on the currently existing 6 franchises. It was also providing them with contract extensions to their respective owners among which five accepted the further extension where Multan Sultans is the only one which has been seized into the hands of the cricket board.
The PSL held two roadshows at the famous Lord Cricket Ground in London and in New York in order to meet international investors and it got unprecedented attention, as it received 12 bids out of 5 continents.
In a concise message, the cricket board said that United Arab Emirates (UAE), Canada, United States of America (USA) and Pakistan investors were interested in purchasing the franchises to be sold.
The Bid Committee of the cricket board had last month carried out an exercise of indicating in detail the proposals of 12 parties involved in five continents and which at the expiry of three days were found to have passed scrutiny by the Bid Committee hence qualified to pass through the second stage.
Nevertheless, Tareen Group said that it would withdraw at the 11th hour, which reduced the quantity of qualified bidders to nine.
Other shortlisted bidders are OZ Developers, Aim Next inc, Deharki Sugar Mills, FKS, Inverex, i2c, Jazz, Prism Developers, VGO Tel and Walee Technologies.
Auction Rules
All the bids will be quoted in Pakistani Rupees (PKR).
The lowest base price incremental bid stated by PCB will be PKR 10,000,000 (rupees ten million only).
Any increase in bids lower than the minimum incremental bid shall not be accepted.
Bidders can be free to submit a bid that is greater than the minimum incremental bid. No limit.
All the bidders will be entitled to utilize one (1) strategic time out of duration not exceeding five (5) minutes, only once in every round of the auction.
In this strategic break, bidders can liaise with their representatives but will not be allowed to talk to fellow bidders as to their future action in the auction.
A bidding round is to be pronounced closed when it cannot be exceeded by any further Incremental bid by any other bidder in spite of final call by the auctioneer.
At the end of the bidding round, the most valid bid that is above the base price is to be tentatively awarded the winning bid.