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The Pakistan Cricket Board (PCB) terminated the agreement of Schon Group’s Multan Sultans. The agreement gave the official franchise rights of Pakistan Super League (PSL) team to the Schon group.
The contract termination is made on the conditions of the franchise’s inability to meet the financial obligations. The right of the team has now been returned back to PCB following the termination.
The statement revealed;
“The termination was brought about due to the former franchisee’s inability to meet its financial obligations under the agreement,”
Multan Sultans was the latest team of PSL added in the 3rd edition, acquired by Dubai-based Schon Group. The franchise was auctioned for $5.2 million (per annum) in a bid held in 2017 for an eight-year contract, surpassing ARY Group acquired Karachi Kings – sold for $26 million for the ten-year contract – as the most expensive franchise.
PCB confirmed the six teams for the 4th edition of PSL based on the same match scheduled as the previous edition.
The draft for the sixth team players is scheduled to be held on 20 November.
“The rights holder would have the option of choosing the sixth franchise city and name,” said PCB.
The spokesperson of Schon Group Asher Schon said in the statement;
“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.”
Chairman of PCB Mani assured in the statement about the 4th edition of PSL to be held as planned;
“While this is an unfortunate turn of events, we have to ensure strict adherence to contractual obligations for the well-being of PSL. We wish Schon Group well with their future endeavours,” Mani said.
“I want to reassure our partners… that the Pakistan Super League will take place as planned,” he added.
The next edition of PSL will start on February 14, 2019, in the UAE.