Proceedings began with the introduction of 10 bidders and six shortlisted cities.
PCB Chairman Mohsin Naqvi formally opened the auction by ringing the bell, while former Pakistan captain Wasim Akram served as the auctioneer.
Bidding for the seventh PSL team opened at Rs1.1 billion and saw a competitive contest between FKS Group and I2C Group.
FKS Group secured the franchise with a winning bid of Rs1.75 billion and selected Hyderabad as the team’s home city.
In the second and final round, bidding for the eighth team began at Rs1.7 billion.
OZ Developers emerged as the highest bidder, acquiring the most expensive franchise for Rs1.85 billion and naming the team Sialkot.
With the addition of Hyderabad and Sialkot, the number of PSL teams has increased from six to eight, marking a significant milestone in the league’s growth.
Addressing the ceremony, Mohsin Naqvi congratulated the successful bidders and praised the efforts of the PCB and PSL management in strengthening the league.
The event also featured prize distribution for national teams.
The Pakistan Shaheens and the Hong Kong Sixes team were honoured for recent tournament successes.
The PCB awarded Rs90 million to the Rising Stars Asia Cup-winning team, while the Hong Kong Sixes champions received Rs1.85 million in prize money.