ISLAMABAD/MUMBAI – On Thursday, January 8, 2026, the Pakistan Super League (PSL) took its most ambitious step forward by expanding to an eight-team format. However, the auction results have served as a sobering reality check. Despite “record-breaking” bids in the context of Pakistan’s economy, a like-for-like comparison with the Indian Premier League (IPL) reveals a financial chasm that has widened to over 100 times in valuation.
1. The 2026 PSL Expansion: By the Numbers
The PCB sold two new franchises in Islamabad, with U.S.-based and local real estate conglomerates emerging as winners.
| New PSL Franchise | Winning Bid (PKR) | USD Equivalent (Spot) | INR Equivalent |
| Sialkot (OZ Developers) | 1.85 Billion | $6.61 Million | ₹59.2 Crore |
| Hyderabad (FKS Group) | 1.75 Billion | $6.25 Million | ₹56.0 Crore |
The Reality Check: The combined price of both new PSL teams (~₹115 crore) is less than what a single IPL team like Lucknow Super Giants or Punjab Kings spent in the recent IPL 2026 Auction purse (₹125 crore) just to buy a handful of players.
2. The Historical Gap: 2008 vs. 2026
To understand the scale, we adjusted the IPL’s founding 2008 fees for inflation (using a 1.50x US CPI factor) to compare them in “2026 dollars.”
- IPL 2008 (Adjusted): The cheapest original team, Rajasthan Royals, would cost $101 million today.
- PSL 2026: The most expensive new team, Sialkot, cost $6.6 million.
- Verdict: Even the “cheapest” day-one IPL team from 18 years ago is 15 times more valuable than the most expensive PSL expansion team in 2026.
3. The Modern Monster: IPL 2021 vs. PSL 2026
When comparing the latest expansion rounds of both leagues using the January 8, 2026 exchange rate ($1 = ₹89.90), the numbers are staggering:
- Lucknow Super Giants (IPL): Sold for ₹7,090 Crore ($789 Million).
- Hyderabad (PSL): Sold for PKR 1.75 Billion ($6.25 Million).
- The Multiple: One Lucknow franchise is worth 126 Hyderabad franchises.
4. Why Is the Gap This Extreme?
Analysts point to three structural pillars that prevent the PSL from closing the gap:
- Media Rights Ecosystem: The IPL’s $6.2 billion broadcast cycle ensures a massive “Central Revenue” check for every team. PSL’s rights, while growing, remain a fraction of this.
- Monetization Depth: An IPL team earns from premium hospitality, global merchandising, and high-value sponsorships (e.g., front-of-jersey deals worth ₹50-100 crore). A PSL team’s total entry fee is roughly the price of one premium IPL jersey sponsor.
- Currency Volatility: The constant devaluation of the PKR against the USD makes it difficult for international investors to see the PSL as a “hard asset,” whereas the INR’s relative stability keeps the IPL attractive to global PE firms.