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The Multan Consortium, led by Ali Khan Tareen, son of businessman and politician Jahangir Khan Tareen, has won the franchise rights for the ‘Sixth Team’ of Pakistan Super League by exceeding the reserve price.

The rights have been awarded for a period of seven years according to a statement released by the PCB.

Ali Tareen's bid, understood to be $6.35 million, exceeded the base price of $5.21 million per annum set by the PCB by a significant margin.

Despite a significant interest from potential buyers, only two parties qualified for final bidding. The other bid was made by a South African consortium, worth $3.5 million per year.

Earlier, the Pakistan Cricket Board had terminated the contract of Multan Sultans after Schon Properties failed to meet financial obligations under the agreement. The team was sold for $5.2 million per annum before the third edition of the PSL.

Speaking on the occasion, Ali Tareen said he would bring cricketers from South Punjab to the international stage.

“PSL is a platform through which we can showcase our [South Punjab’s] talent to the entire world,” said Tareen. “We will discover and nurture talent that can become part of the national team in the future."

Ali Tareen has been working on the grassroots level in South Punjab for the promotion of cricket and had made his intentions of acquiring and keeping the sixth team in Southern Punjab in media.

The players selection process for the team was completed by a PCB-led selection committee in the players draft held last month.

It remains to be seen whether Ali Tareen will stick to the current team management or bring in new faces.

The fourth edition of PSL kicks off from February 14 with eight matches set to be played in Pakistan.