Pakistan Super League franchise Multan Sultans was sold to Walee Technologies ahead of the league’s 11th edition. The sale took place during an auction held in Lahore.

During the auction, host Fakhr-i-Alam told bidders that the winning amount would also include the annual fee to keep ownership of the team for the next 10 years.

After securing the highest bid, the new owner made a surprise announcement. The company’s chief executive officer, Ahsan Tahir, said the team’s name would be changed.

Also Read: Pakistan vs India T20 World Cup clash awaits PM Shehbaz’s ‘final decision.’

“Are you ready for a surprise? We will be going to Rawalpindi!” he announced at the ceremony.

Pakistan Cricket Board Chairman Mohsin Naqvi congratulated Walee Technologies on the successful bid. He also thanked former PCB chairman Najam Sethi for his vision behind the Multan Sultans franchise.

“This Multan Sultans was created by Najam Sethi sahib and the person who started this journey; we are so pleased he is with us today,” Naqvi said while inviting Sethi on stage.

Najam Sethi, speaking at the event, said he was happy to see the franchise reach this milestone. “I’m obviously delighted to be here; this is the culmination of a dream come true,” he said.

“I’m obviously over the moon that it’s come through under Mohsin Naqvi, who is a dear, dear friend of mine,” Sethi added.

Also Read: Ali Tareen breaks silence on Multan Sultans auction strategy

He called the sale a “great moment for Pakistan cricket” and hinted that more positive developments “beyond PSL” would be announced soon.

Walee Technologies describes itself as a global company working in media, finance, and technology. The company has already been involved in PSL by acquiring live streaming rights in the past.