The Pakistan Super League (PSL) has extended the submission deadline for proposals for its two new franchises to 22nd December, up from the earlier date of 15th December.
Interested parties are required to submit two team name options along with logos and designs.
The two new teams for PSL 11 are nearing finalization. Earlier, it was reported that Inverex Solar Group has emerged as a frontrunner in the bidding process, with its potential team expected to represent either Faisalabad or Rawalpindi.
The renewable energy company has a long-standing association with the Pakistan Cricket Board (PCB) and PSL, having contributed as a sponsor for nearly a decade.
Reports also indicated that the Aga Khan Group is exploring the opportunity to own a franchise, which could be based in Gilgit.
The reserve price for each new PSL franchise is expected to be around Rs 1.25 billion, though it could rise higher due to strong interest from both domestic and international investors. Sources suggest that five major Pakistani companies, including firms from the real estate and solar energy sectors with prior cricket sponsorship experience, are participating.
Additionally, two US-based entrepreneurs and investors from the UK, and Europe are expected to submit bids. The PCB is expected to announce the two new teams in January, following the completion of the tendering process.