It is money that did not create modern cricket, but it has made the PSL turn around much quicker than Rashid Khan’s googly. When everyone expected the renewal paperwork would be as routine as the signing of the other 8 teams (Islamabad United, Karachi Kings, Quetta Gladiators, Lahore Qalandars & Peshawar Zalmi) were already signed up for another 10 years, the PSL turned out to be a very different type of surprise: a realignment of the financial power structure under the surface. The same three teams (Karachi Kings, Quetta Gladiators & Islamabad United) have also joined the previously confirmed (Lahore Qalandars & Peshawar Zalmi) in committing to play in the PCB for another 10 years. Continuity? Of course! But predictable? No.
A League Built on Loyalty But Not Without Cost
It is not simply a matter of business when five of the original six franchises chose to continue their relationship with the PSL; this decision shows the growth of the PSL from an uncertain start-up into a successful cricket product. The renewal formula provides for a stable valuation for the PCB (the old valuation + 25% of the new) while providing an incentive to the original investors to continue their investment in the league. Most franchise owners appear to be pleased to “double down” on their previous investments, and there are few signs of them leaving the PSL at this time. Karachi’s Salman Iqbal not only extended his ownership contract but described it as a “renewal of our commitment to the vision we created for the PSL”. In cricket, loyalty is a valuable commodity that can create lasting legacies.
Karachi Kings: From Highest Valued to Playing Catch-Up
In terms of PSL economics, Karachi’s PKR 440 million valuation as the first team in 2016 set the benchmark. Now, after a few years, their latest estimated value is approximately PKR 790 million. Therefore, they trail Lahore and Islamabad franchises in this regard and therefore have to pay an approximate PKR 640 million for the franchise fee each year. It is not about decline, but rather the Kings missing the boat on potential growth opportunities. They remain a top-tier brand in the PSL; however, they are no longer the leading financial team. In cricketing terminology, they did not lose wickets; however, the required rate of runs increased quietly.
Quetta Gladiators: The Underdog That Became a Market Winner
Quetta has emerged as a surprise insurrection if Karachi can be considered the Empire for its steadfastness. They have grown from a valuation of PKR 187 million in 2016 to approximately PKR 690 million today, which is the greatest increase in any PSL Franchise. Although their annual fee of ~PKR 360 million may still be amongst the lowest, it seems as though Quetta’s Brand Value is increasing rapidly, through Culture, Fan Loyalty, and Narrative Value. The Boardroom was won by the Underdog this time, just like PSL loves to give underdogs a chance.
Islamabad United and the New Upper Tier
Islamabad United‘s increase in value from PKR 255 million in 2016 to PKR 860 million as of now puts Islamabad United in a unique position within PSL economics when it comes to tax brackets for cricket teams. The approximate price tag of approximately PKR 470 million is reflective of a sustainable model rather than hype; titles are great, but a consistent brand is much greater, and they have evolved into the ultimate representation of a team that fully understands the long-term capital potential of sports.
The Multan Decision That Changes Everything
However, that is also one lone rejection; The Multan Sultans exiting at a time when the league has welcomed renewal for ten years. It can be either a deliberate business reset or simply due to hesitations regarding their finances, but this is seismic timing. With two new teams being added to the PSL in advance of PSL 2026, three other franchises must have new owners prior to the upcoming draft. While this is not a crisis, it is the PSL’s first true test in its ‘expansion’ territory.
The PSL will always thrive from the drama within the boundary ropes. However, for once, the off-field storylines are also equally captivating. The commitment of five teams demonstrates confidence that they believe in their own league’s trajectory into the world stage; however, the shifting valuations show the league is an open, competitive market based upon performance, branding, and fan interaction, and not simply because of city size. Karachi has something to regain, Quetta has something to prove wasn’t a one-hit wonder, and Islamabad has something to defend.
Disclaimer: This blog post reflects the author’s personal insights and analysis. Readers are encouraged to consider the perspectives shared and draw their own conclusions.
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