KARACHI:

The most expensive deal in HBL PSL history has been finalized. The four-year media rights have been sold to Walee Technologies for Rs 26 billion. The board will receive approximately Rs 6.5 billion annually. Walee is also the owner of the Pindi franchise. Matches are likely to be broadcast on the state-run television network.

Three companies participated in the bidding process—two for broadcast rights and one solely for digital rights. Walee’s combined bid amounted to Rs 26 billion, while the reserve price was set at Rs 23.5 billion (Rs 16.5 billion for TV and the remaining for live streaming).

A private sports channel offered Rs 9 billion for TV rights only, while another company bid Rs 3.5 billion for digital rights.

The PCB had recently issued an advertisement for the four-year PSL media rights, attracting several interested parties. Two major sports channels also intended to compete, but one allegedly had outstanding dues of Rs 470 million, while the other owed more than Rs 600 million. The board gave both parties time to resolve the matter, but payments were not made, leading to their disqualification. On Friday, the review committee also rejected one channel’s request.

To prevent alleged collusion among channels, the board did not allow consortium bids this time. In Pakistan, companies were allowed to bid for broadcast rights, live streaming rights, or both. The bid security for each category was Rs 100 million. The winning company’s amount will be adjusted, while others will receive refunds.

Last year, 34 PSL matches were played. With the addition of two new teams, the total will increase to 44 matches. According to regulations, after deducting production expenses, if a broadcast deal exceeds Rs 3 billion, an additional $500,000 will be allocated for signing icon foreign cricketers. Of the remaining amount, 80% will go to the PCB and 20% to franchises.

Last year, production expenses exceeded Rs 1 billion. The 11th edition of the league will begin on March 26. It is worth noting that the previous TV rights two years deal was worth Rs 6.5 billion annually.. However, the board is still awaiting payment of a significant amount. This time, a bank guarantee of Rs 6.5 billion is also being obtained from the successful bidder, which can be encashed in case of non-payment.