The Pakistan Super League took another step towards expansion on Thursday as FKS Group, a US-based company, secured the league’s seventh franchise after submitting the highest bid at an auction held in Islamabad.
The management rights for the new team were acquired for Rs175 crore, which is around $6.25 million. The franchise will be based in Hyderabad, a city that is set to make its debut on the PSL map. Ownership of the team rests with FKS Group, which is headed by its president, Fawad Sarwar.
After the bidding concluded, Sarwar confirmed that the team would represent Hyderabad, describing the move as deeply personal. He said the full name and branding of the franchise would be announced at a later stage.
Sarwar was born and raised in Hyderabad, where he completed his early education before moving abroad for higher studies. Although he is now based in the United States, he said his ties with the city have remained strong over the years.
He shared that seeing Hyderabad represented in the PSL had long been a personal goal. According to Sarwar, bringing a team named after his hometown into Pakistan’s top cricket league was a dream he had hoped to realise for many years.
A businessman with interests across several sectors, Sarwar is also the founder and owner of Kingsmen Sports and Enterprises. His involvement in cricket extends beyond Pakistan, as he also owns the Chicago Kingsmen cricket team in the United States. Known as a keen follower of the game, he has continued to support cricket through investments and sports-related ventures.
Sarwar serves as president of FKS Group, which operates across a range of businesses, including FKS Aviation, ProCare Health and Kingsmen Enterprise. He also leads several investment firms, such as Gilded Investments, Sand2Glass Investments and Minus2Degrees.
With the acquisition of the PSL’s seventh franchise, Sarwar has formally entered Pakistan’s premier T20 league as a team owner. The move marks a significant moment in his business and sporting journey, while also bringing long-awaited PSL representation to Hyderabad.
OZ Developers win bid for PSL’s eighth team
The expansion auction also saw strong interest for the league’s final slot, which was secured by OZ Developers after the company placed a winning bid of Rs1.85 billion. The successful offer brought Sialkot into the Pakistan Super League for the first time, making it the league’s eighth team.
OZ Developers is a well-known name in real estate and infrastructure, with a track record of big development projects across Pakistan.
By acquiring a PSL franchise, the company has stepped into the sports and entertainment space, a move that reflects its intention to link urban development with mass engagement through cricket.
Officials close to the process said the OZ group plans to use its experience in large-scale projects to strengthen the team’s commercial appeal and contribute to the league’s wider growth.
Under PSL regulations, bidders who won franchises were allowed to select a home city from a list approved by the Pakistan Cricket Board. The options included Faisalabad, Rawalpindi, Hyderabad, Sialkot, Muzaffarabad and Gilgit.
