The Pakistan Cricket Board (PCB) terminated Multan Sultans' franchise agreement with Schon Properties Broker LLC. The termination was carried out after the franchise failed to meet its financial obligations.
All rights in respect to the team are now with the PCB, though the fourth edition of the PSL will still go forward as planned with six teams and the same number of matches.
A joint statement issued by the PCB and Schon Properties said, "The Board shall take complete responsibility of all player and coach contracts." It also said that the team shall henceforth be referred to as the "sixth team", and "The team selection for the sixth team at the player draft scheduled to be held on 20th November 2018 will be done by PCB itself."
The next step is for the PCB to enter into a public tender process, in order to grant repackaged rights of the sixth team. "The rights holder would have the option of choosing the sixth franchise city and name," a PCB spokesperson told Geo News.
Following the development, PCB chairman Ehsan Mani said, "I want to reassure our partners – franchisees, sponsors, players, coaches and fans – that the Pakistan Super League will take place as planned. Our preparations are in full swing starting with the PSL Draft in Islamabad. The 2019 edition of the PSL will be a memorable one with as many as eight matches including the play-offs and the final scheduled to take place in Pakistan."
"It has been a privilege being a PSL team owner over the past year. I am proud of the support Schon has always extended to Pakistan cricket and current affairs notwithstanding, will continue to passionately support it," said Asher Schon, president of the Schon Group.