PCB terminated Multan Sultans franchise on account of non-payment earlier today
PCB terminates Multan Sultans PSL 4 contract. In what has come as big news from the Pakistan Super League, the contract of the newest PSL franchise Multan Sultans has been annulled with the Schon Properties Broker LLC. This followed the franchise’s inability pay the bank guarantee of $5.2 million for the fourth season of the tournament that is expected to begin from February 14.
According to news reports, the PCB will now be expected to take over the ownership of the Multan Sultans (will now be referred as “The Sixth Team”) till such time they get a new franchise owner.
The now-former owners of the Multan Sultans, Schon Properties, had purchased the team for a sum of $41.6 million, which meant they needed to pay $5.2 million every season. As a result they had become the costliest franchise in the short history of the Pakistan Super League.
BREAKING NEWS PSL FRANCHISE MULTAN SULTANS CONTRACT TERMINATED BECAUSE OF NON PAYMENT #PSL
— Saleem Khaliq (@saleemkhaliq) November 10, 2018
One of the reasons for the non-payment might have been allegations of loan default and its seizure by the Dubai Land Department (DLD). This was after there was an allegation of a financial scam worth Rs 1.245 billion against them.
Last year, the Multan Sultans, coached by Tom Moody, had a brilliant start to the season but their performances fell away drastically towards the end and they finished outside the top four on the points table. As a result they did not qualify for the PSL playoffs.
If the PSL continues in the fourth season with six teams, then it will continue with its 34 matches played in the tournament. 30 of these games will be played in the league stage with four games played in the playoffs.