Ali Khan Tareen buys PSL's sixth team

LAHORE – Ali Khan Tareen, who is the son of one of the country's wealthiest politicians, has won the bid for sixth franchise of the Pakistan Super League (PSL), previously known as the Multan Sultans.

Ali's $6.35 million bid won out against a South African consortium, which bid $3.5 million for the rights.

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

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.

Ali, the son of Pakistan Tehreek-e-Insaf (PTI) leader Jahangir Tareen, had shown interest in buying the sixth team last month. 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.