||Desk Report||

Multan Sultans’ contract has been terminated by the Pakistan Cricket Board (PCB) after it reportedly failed to submit its bank guarantee for the fourth season of the Pakistan Super League (PSL).

The franchise was formed in June 2017 and joined the five other teams in the third edition of the tournament which was held earlier this year. The likes of Shoaib Malik, Kumar Sangakkara, Imran Tahir, and Kieron Pollard were part of the team in its inaugural season where they failed to make it to the playoffs.

Multan Sultans – owned by Schon Properties, a real estate developer – became the most expensive franchise of the tournament by putting in a $41.6 million ($5.2 million per annum) winning bid for an eight-year contract. With the retention date just 3 days away and the players’ draft 10 days away, the board had to terminate the contract as the franchise failed to pay the $5.2 million fee for the upcoming season despite repeated notices.

In August 2018, in the face of the still-lagging development of the Lagoons project, the Dubai Land Department (DLD) seized the assets of Schon Properties. DLD will be in charge of the property, plots of land, and funds registered to the developer until the Dubai Public Prosecution and Dubai Courts completes legal procedures to secure the rights of all investors and other parties.

PCB can opt to sell the team to a new organization through rebidding or manage the franchise themselves. In the latter case, the bidding process will be delayed until the end of the four edition. Both the options can be in effect for just the next season or on a long-term basis.