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Wikipedia - Pakistan Super League
The Pakistan Super League, also known as PSL and HBL PSL for sponsorship reasons, is a men's T20 cricket league held annually in Pakistan. Founded by the PCB in 2015, the league features six city-based franchise teams. Instead of operating as an association of independently owned teams, the league is a single entity in which each franchise is owned and controlled by the investors.
Each team plays the group stage matches in a double round robin format and the top four teams with the most points qualify for the playoffs, culminating in the final.
There have been nine seasons of the league. Islamabad United are the most successful team, winning the title three times. Lahore Qalandars are the only team to successfully defend its title, after winning in the 2023 season.
History
Establishment
In September 2015, the Pakistan Cricket Board officially announced the launch of the PSL. Former Pakistani national team captains Wasim Akram and Rameez Raja signed up to promote the PSL and become brand ambassadors of the league for three years. After several years of planning and two previous failed attempts, the league officially began on 4 February 2016 in the United Arab Emirates Sports minister Nahyan bin Mubarak Al Nahyan, inaugurated the opening ceremony. The first two seasons included five teams based on the capital cities of Pakistan's provinces and the Federal capital. In its first season the PSL had a higher percentage of international players. The league uses a draft system for player recruitment similar to that used in many North American professional sports leagues and as opposed to the auction system used in some other T20 leagues.
The PSL's official logo was launched on 20 September 2015 in a ceremony in Lahore, and was revealed by 3Di.The ceremony was attended by current and retired cricketers, as well as Pakistani celebrities.
The commercial rights to the initial franchises were sold for US$93 million for a span of 10 years in December 2015. The market value of PSL in 2017 was up to US$300 million according to Arif Habib, and has grown significantly in the years since.
Expansion
The possibility of adding a sixth team to the league in 2017, possibly in Azad Kashmir was discussed, but rejected in May 2016. It was announced that there would be the sixth team in the next season of PSL, a few days after the end of the 2017 PSL. Khyber Pakhtunkhwa Governor Iqbal Zafar Jhagra also announced that the PSL administration would be approached for the participation of a sixth team in the 2018 PSL. Hafiz Hafeezur Rehman, chief minister of Gilgit-Baltistan, also said to have the sixth team from Gilgit-Baltistan. The PCB short-listed five names for sixth team: Faisalabad, FATA, Hyderabad, Dera Murad Jamali and Multan.
The final name of the sixth team for PSL 2018 season was announced on 1 June 2017; Multan Sultans; owned by Schön Properties at $5.2 million annually. On 10 November 2018, PCB terminated franchise agreements with Schön Properties, resulting in a new owner being introduced. New owners decided to continue with the same name (Multan Sultans) for the franchise.
Profits
In May 2016, the PCB announced that the inaugural season of the PSL had yielded profits of US$2.6 million. In the 2022 edition, which was held entirely in Pakistan, PCB chairman Ramiz Raja reported a 71 percent increase in the PSL's profit; each franchise received Rs. 900 million (US$3.1 million) in revenue before the season had started. The 2023 edition recorded revenue of Over Rs. 5 Billion. The revenue was accumulated through various sources, including broadcasting rights, title sponsorship, gate money, and other related rights.
Held annually, the PSL usually takes place in February and March, attracting cricket enthusiasts from around the globe. The league format includes a round-robin stage followed by playoffs, culminating in an exciting final that determines the champion. The PSL is known for its electrifying atmosphere, passionate fan engagement, and high-quality cricket, making it a significant event in the international cricket calendar.
In addition to providing thrilling matches, the PSL serves as a platform for emerging Pakistani cricketers to showcase their skills alongside seasoned professionals. The league has also played a crucial role in reviving international cricket in Pakistan, with matches hosted in various cities across the country.
With its vibrant culture, competitive spirit, and commitment to promoting cricket, the Pakistan Super League continues to grow in stature, contributing to the development of the sport in Pakistan and inspiring a new generation of cricketers.