Walee Technologies on Monday acquired the former Multan franchise of the Pakistan Super League (PSL) for a record Rs2.45 billion at an auction held in Lahore, marking the highest price ever paid for a team in the league’s history. The company confirmed following the sale that the franchise would be renamed Rawalpindi ahead of the upcoming 11th edition of the tournament.
The auction, organised by the Pakistan Super League, took place at the Expo Centre Lahore and was closely watched as the league transitions to a revised ownership and valuation model. The Pakistan Cricket Board had set a base price of Rs1.82bn for the franchise.
Bidding began at 6:35pm local time, with Walee Technologies opening at Rs1.9bn. The process quickly developed into a competitive contest involving CD Ventures and Particle Igniter, with the three bidders repeatedly raising their offers as the price moved well beyond the initial valuation.
After an extended round of bidding, Walee Technologies returned with a final offer of Rs2.45bn, securing ownership of the franchise at a record valuation. The PCB had earlier confirmed five entities as qualified bidders for the Multan franchise: Walee Technologies, Aim Next Inc, Deharki Sugar Mills, Particle Igniter and CD Ventures.
Deharki Sugar Mills, owned by former franchise holder Ali Tareen, did not place a bid during the auction, signalling a full withdrawal from the team it previously controlled.
Following the conclusion of the auction, Walee Technologies announced that the franchise would compete under the name Rawalpindi, ending Multan’s association with the PSL after several seasons. The company said the rebranding would be formally unveiled in the coming weeks.
Preparations for the new season are expected to accelerate under the new ownership, including squad planning and commercial activity, as the league moves toward PSL 11 under its updated auction-based framework.