Islamabad - The Pakistan Cricket Board has sold five franchise rights for its new Twenty20 league for $93 million for a period of 10 years.
Five companies bought the Karachi, Lahore, Peshawar, Islamabad, and Quetta teams.
ARY Group, a media company, made the highest bid of an undisclosed amount for Karachi.
Najam Sethi, chairman of the Pakistan Super League, says, "The best part is that all the team owners are ardent cricket fans and their dedication will make this league a success."
The inaugural Pakistan Super League will be organized in the United Arab Emirates cities of Dubai and Sharjah from 4 to 23 February. By playing out of Pakistan, the PCB hopes to attract top foreign players and coaches.
Sethi says coaches will be chosen over the next 10 days, and players' draft will be held later this month.