JOINT PRESS RELEASE – PCB & SCHON PROPERTIES BROKER LLC
Pakistan Cricket Board Terminates Franchise Rights of Multan PSL Team
All rights revert back to PCB, PSL 2019 to go ahead as planned with six teams and 34 matches
Lahore November 10, 2018: The Pakistan Cricket Board (PCB) has terminated the franchise agreement with Schon Properties Broker LLC which granted franchise rights of the Multan Sultans PSL team. As a result of this termination, all rights in respect of the team have now reverted back to PCB.
The termination was brought about due to the former franchisee’s inability to meet its financial obligations under the Agreement.
PCB confirms that the fourth edition of 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. Pending further updates, the team shall be referred to as “The Sixth Team” of 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.
PCB will thereafter enter into a public tender process— details will be made public soon — to grant repackaged rights of the Sixth Team. The rights holder would have the option of choosing the sixth franchise city and name.
PCB acknowledges that Schon Group is one of the leading groups of Pakistan.
Schon Group has been a partner of PCB for many years in terms of Pakistan Series Sponsorship abroad for many years.
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”.
“While this is an unfortunate turn of events, we have to ensure strict adherence to contractual obligations for the well-being of Pakistan Super League. We wish Schon Group well with their future endeavours” said Mr. Ehsan Mani, Chairman PCB.
“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. 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 season four begins in the UAE with a glittering opening ceremony followed by the opening game on February 14, 2019.