The Pakistan Cricket Board (PCB) has terminated the franchise agreement with Schon Properties Broker LLC which granted franchise rights of the Multan Sultans PSL team. As a result of this termination, all rights in respect of the team have now reverted back to PCB.
Multan Sultans which was one of the expensive franchise of PSL and was made in 2017, has been disqualified from PSL due to non payment. Multan Sultans was owned by Schön group, whose accounts were already ceased in Dubai and also NAB is after them in Pakistan too.
The termination was brought about due to the former franchisee’s inability to meet its financial obligations under the Agreement.
PCB also confirmed that fourth edition of PSL will held as planned with six teams and with same no. of matches. Board will also take the responsibility of all players and coach contracts.
Team selection for sixth team will be done by PCB itself and draft scheduled will be held on 20th November.
Recently Mr. Faisal Mirza joined Multan Sultans as COO just few months back and according to reports they fired all of their employees from Karachi and shifted their office to lahore, as NAB was after them and their office in Karachi got ceased.
PCB also acknowledge Schon group as one of the leading group in Pakistan, and has been partner of PCB many years in terms of Pakistan Series Sponsorship abroad.
PCB appreciated the effort of Schon group that it was the only bidder to meet reserve price of $5.2Million / Anum. Although the amount was double of which PCB had in 2015 sold the most valuable Franchise team. Asher Schon in particular has worked hard in building the Multan Sultans brand.
Asher Schon stated
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
While this is an unfortunate turn of events, 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
said Mr. Ehsan Mani, Chairman PCB.
PSL season four begins in the UAE with a glittering opening ceremony followed by the opening game on February 14, 2019.