PCB finally sells off teams for PSL

The Pakistan Cricket Board finally managed to sell the five franchises of its planned Twenty20 event today with initial estimates suggesting that the PCB might have fetched around Rs 920 million (approximately USD 9.2 million) from the exercise.
PCB Chairman Shaharyar Khan announced the sale of Pakistan Super League (PSL) franchises and the amount they were sold for but didn't dwell further into details.
According to the PCB, the Karachi franchise sold for USD 2.6 million to Ary media group, Lahore for USD 2.4 million to Qatar Oil, Peshawar for USD 1.6 million to Haier, Islamabad for USD 1.5 million to UAE company and Quetta for USD 1.1 million to well known cricket organizer and team owner, Nadeem Omar.

The PCB chief didn't elaborate whether the amount quoted was for just one year or for longer durations. The PCB had initially said it would sell each franchise for around 550 million rupees (USD 5.5 million) for a three-year period.
The PCB plans to have the PSL from February 4 to 24 in Dubai and Sharjah but are yet to reveal the financial model of the league.
The PCB is yet to also confirm the list draft of players and for how much it has managed to sell the broadcasting and title sponsor rights for the league.
Shaharyar has, however, indicated that the first season of PSL will not earn the PCB anything and it could be a break even event or carry some losses for the Board.