The Pakistan Cricket Board (PCB) has sold five franchise rights for the inaugural Pakistan Super League (PSL) for $93 million for a period of 10 years.

Five companies bought the Karachi, Lahore, Peshawar, Islamabad, and Quetta teams.

Salman Iqbal, CEO of ARY Group, successfully bought the Karachi franchise for an undisclosed amount, while Quetta’s rights were sold to Omar Associates.

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Qatar Oil snapped up the Lahore franchise, Leonine Global Sports bought the Islamabad team while Javed Afridi, CEO of Haier Group and a long-timer partner of Pakistan cricket, won rights for the Peshawar franchise.

“The best part is that all the team owners are ardent cricket fans and their dedication will make this league a success,” Najam Sethi, chairman of the PSL, said.

Sethi says coaches will be chosen over the next 10 days, and players' draft will be held later this month.

In another development, Habib Bank Limited (HBL) joined the PSL as title sponsor for the first three years of the league.

As a result of this partnership, the league will now officially be known as the HBL Pakistan Super League.

Having reserved production rights to ensure international standard coverage, PSL’s broadcast arrangements have also been finalised for the next three years with Sunset+Vine as the producers.

Matches will be aired in Pakistan on Ten Sports and PTV Sports. Global TV rights for the same duration have been sold to Tech Front, a UAE-based media rights acquisition company.

Commenting on this development, Mr. Najam Sethi said: “Having awarded production rights to Sunset+Vine, the next step was to ensure that we get the maximum number of eyeballs and I would like to welcome our media rights partners.”

“The sale of all commercial rights – broadcast, franchise, and sponsorship - is perfectly in line with the league’s budgetary estimates,” added Sethi.

The first edition of the PSL will take place from 4-23 February, 2016 with matches taking place in Dubai and Sharjah.