The Pakistan Super League (PSL) is a Twenty20 cricket league based on the the cities of Pakistan. A professional franchise established in 2016 with its headquarters in Lahore, it is run by the Pakistan Cricket Board (PCB). The first season of the league operated entirely in the United Arab Emirates (UAE). The final of the 2017 season was held in Lahore. This was because of the security concerns in Pakistan.
Pakistan Super League (PSL) 2018 Wiki
While most traditional leagues have independently owned teams, the Pakistan Super League is unique. It is a single entity in that each team franchise is owned and controlled by investors. Some of the early (ie. 5) franchises were sold for PKR 985 Crores ($91.4 million) over 10 years in December 2015.
According to a PCB press release, around 20 parties showed an interest in buying franchises for the league before the first season. On 18 October 2015 the Board began accepting tenders for franchises with a deadline for bids of 15 November.
According to a statement by the PCB, bid winners would be granted the rights to a franchise for a term of ten years. Interested parties included the ARY Group, Omar Associates, Arif Habib Group, Haier, Mobilink as well as international groups including Leonine Global Sports and the Qatar Lubricants Company (QALCO). All five franchises for the first season of the league were sold on 3 December 2015, for a total price of US$93 million, after seven bidders presented formal proposals. In April 2017, PCB invited bids for sixth team and the deadline set for the submission of both the financial and technical proposals was May 30 and as many as 40 national and international parties expressed an interest in buying the sixth franchise. On 1 June 2017, from five regions short-listed by PCB Multan was bought by Schön Group for a price of US$5.2 million per year, thus becoming the most expensive team of the PSL.
The champions for the first season were Islamabad United. Second season champions were Peshawar Zalmi who defeated Quetta Gladiators in the final on 5th March 2017.