Ali Khan Tareen wins bid for PSL's sixth team

Pakistan Tehreek-e-Insaf leader Jahangir Tareen’s son Ali Khan Tareen on Thursday won the bid for the sixth franchise of the Pakistan Super League (PSL), previously known as the Multan Sultans.

The bidding for the sixth team was held in Lahore today.

"The Multan Consortium led by Ali Tareen has won the franchise rights for the sixth team, by exceeding the reserve price," PSL tweeted.

Breaking: The Multan Consortium led by Ali Tareen has won the franchise rights for the sixth team, by exceeding the reserve price.#HBLPSL pic.twitter.com/2ilyngfJBI

— PakistanSuperLeague (@thePSLt20) December 20, 2018

The reserve price set by Pakistan Cricket Board (PCB) was $5.21 million per annum for a period of seven years. The reserve price was exceeded by Ali.

Last month, Ali had shown interest in buying the sixth team. The PCB had terminated the franchise agreement of Multan Sultans after they failed to meet their financial obligations.

Following the termination of the contract, all rights in respect of the team were reverted back to the PCB.