Multan is the latest city in Pakistan to join the Pakistan Super League (PSL) ahead of the league’s third tournament in 2018. According to Tech Juice, the Schon Group (one of the wealthiest families in Pakistan) “will be paying a hefty $41.6 million in a period of 8 years for this contract” making it the largest acquisition in the history of the Pakistan Super League.
The Schon Group is currently headed by two sons of founder Nasir Schon, Khizer Schon and Asher Schon. Khizer Schon has a shown keen eye for Pakistani business is deeply invested in the Pakistani entrepreneurial scene through the Schon Group’s venture arm, Schon Ventures.
On Thursday, the Pakistan Super League official Facebook page announced the exciting league addition with the following post:
BREAKING: #HBLPSL congratulates Schön Group upon meeting the reserve price of $5.2 million per year for the team #Multan! Are YOU ready?!Kyun Kay Shuru Hoga #AbKhel6Ka! 👌🏻
Thanks to the inclusion of a sixth team in the league, the PSL is set to expand its number of matches for the 2018 season. Dawn reports that Karachi Kings, until now, was “the most expensive team, with the ARY Group purchasing it for $2.6m per year for 10 years” – compare that to Multan’s hefty $5.2m per year fee.
The Schon Group has expressed the upmost confidence in the Multan investment, with Asher Schon saying at auction Schon Group “believe[s] we have all the resources available to make this (investment) a successful venture.”