PCB Terminates Franchise Rights of PSL Team Multan Sultans

The Pakistan Cricket Board (PCB) discontinued the agreement with Sochon Properties Broker LLC which granted the franchise rights of the PSL team, Multan Sultans for not meeting the financial obligations.

The PCB statement confirms the fourth edition of the PSL will go ahead as planned with six teams. It will begin from February 14 next year and will have 34 games.

Moreover, Sochon group is a Dubai-based company owned by a family with roots in Pakistan. They bought the franchise for $5.2 million per annum. However, it is precisely the double of what the previously most expensive franchise, Karachi Kings.

In August this year, Dubai Land Department (DLD) seized the properties, land plots, and funds registered to Schon Properties. DLD’s release dated August 2, 2018, stated the action had been taken for,

“protecting the rights of investors in light of Schon Properties’ actions of exploiting investors by refraining from depositing their money in Escrow (guarantee) account.”

Furthermore, PCB chairman, Eshan Mani said the dissolution of the agreement was unfortunate. However, it was necessary that the contract obligations are abided by.

“While this is an unfortunate turn of events, we have to ensure strict adherence to contractual obligations for the well-being of the PSL,” Ehsan Mani said. “We wish Schon Group well with their future endeavours. 

“I want to reassure our partners – franchisees, sponsors, players, coaches and fans – that the PSL 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 playoffs and the final scheduled to take place in Pakistan.”

Meanwhile, Multan Sultans had made their debut in the PSL 3 earlier this year. However, they failed to go beyond the group stage.

However, the fourth season of the PSL will commence in the UAE on February 14, 2019.