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The Pakistan Cricket Board has terminated the PSL contract of Multan Sultans after Schon Properties failed to meet financial obligations under the agreement.

The announcement was made in a joint press release. “The fourth edition of PSL will go ahead as planned with six teams and the same number of matches. The board shall take complete responsibility of all player and coach contracts. Pending further updates, the team shall be referred to as ‘The Sixth Team’ of PSL,” the release stated.

Quetta Gladiators' owner Nadeem Omar backed the decision taken by the Pakistan Cricket Board and termed the termination of Multan Sultans' contract as 'unfortunate'. 

PCB Chairman Ehsan Mani wished Schon Group well for their future endeavours. “We have to ensure strict adherence to contractual obligations for the well-being of Pakistan Super League. We wish Schon Group well with their future endeavours.”

“I want to reassure our partners – franchisees, sponsors, players, coaches and fans – that the Pakistan Super League 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,” he concluded.

The Multan Sultans' owner, Asher Schon added, "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".

Multan Sultans will now be named as ‘The Sixth Team’ during the PSL draft set for November 20 in Islamabad. The PCB will look for fresh bids for the team through a public tender process which will allow the new owner the option of electing the franchise’s name and city.

READ: PSL Draft 2019 - All You Need To Know

The Pakistan Cricket Board appreciated Schon Group for being the only bidder to meet the reserve price of $5.2 million per year. The franchise was sold at double the amount for which the board had sold the most valuable Pakistan Super League franchise in 2015.

Multan Sultans made their league debut earlier this year and failed to go beyond the group stage. The termination of their contract will have no impact on the next edition of the Pakistan Super League, starting on February 14 in the UAE.