Multan Sultans contract terminated due to non-payment

Pakistan Super League franchise Multan Sultans’ contract has been terminated by the Pakistan Cricket Board after it reportedly failed to submit bank guarantee worth $5.2 million for the fourth edition of the tournament.

According to a report in local media, PCB might themselves decide to manage the franchise for the coming season as well as postpone the bidding process.

The property, land and an Escrow account registered in the name of Schon Properties, that owned the PSL club, were earlier seized by the Dubai Land Department (DLD), according to Arab News. Schon Properties had bought the franchise in 2017 with a winning bid of $41.6 million, paying $5.2 million for each season, becoming the most expensive of the six PSL franchises.

The Schon Group was reportedly on the National Accountability Bureau’s radar for loan default and allegations of involvement in a financial scam worth Rs 1.245 billion.

Multan Sultans finished this season at the fifth spot with just nine points.

PCB Chairman Ehsan Mani termed it an “unfortunate turn of events”, saying, “We have to ensure strict adherence to contractual obligations for the well-being of Pakistan Super League. We wish Schon Group well with their future endeavours.”

“I want to reassure our partners – franchisees, sponsors, players, coaches and fans – that the Pakistan Super League will take place as planned. Our preparations are in full swing starting with the PSL Draft in Islamabad. The 2019 edition of the PSL will be a memorable one with as many as eight matches including the playoffs and the final scheduled to take place in Pakistan,” he added.

The board acknowledged the Schon Group for being the only bidder to meet the reserve price of $5.2 million per annum. The Multan franchise was sold at double the amount for which PCB had in 2015 sold the most valuable PSL team.

The PSL 4 will commence from February 14, 2019, according to the schedule.