LAHORE: The Pakistan Cricket Board (PCB) confirmed six cities on Friday for the two new Pakistan Super League (PSL) teams.

The confirmation came after the PCB received the long-awaited valuation reports for the two new franchises, the board stated in a press release.

The shortlisted cities for the new PSL franchises include Hyderabad, Sialkot, Muzaffarabad, Faisalabad, Gilgit and Rawalpindi.

The PCB also confirmed the completion of the independent valuation process for all existing PSL franchises and key commercial assets.

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With the conclusion of the exercise, the board has said that renewal offer letters to compliant PSL franchises with revised financial terms for the next 10-year cycle have been sent.

“renewal offer letters reflecting the new franchise fees for the next 10 years have been formally shared with all compliant PSL franchises, requesting them to revert with their decision within the stipulated timeline,” PCB stated.

For transparency, the PCB has also arranged collective and individual meetings between franchise owners and the independent valuation firm, EY MENA.

“To ensure full transparency and facilitate a clear understanding of the valuations, the PCB has also arranged collective and individual meetings between franchise representatives and the independent valuer (EY MENA),” the statement added.

“These sessions will allow the franchises to review the valuation methodology and discuss any queries.”

PSL current franchises

PSL currently features six franchises: Lahore Qalandars, Karachi Kings, Multan Sultans, Peshawar Zalmi, Islamabad United, and Quetta Gladiators.

The league last expanded in 2017 with the addition of Multan as a team.

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