PSL 11: Franchises Splash Cash As Auction Redefines Player Market

LAHORE, Pakistan: Pakistan’s premier Twenty20 league entered a new era on Wednesday as the Pakistan Super League held its first-ever player auction, with fast bowler Naseem Shah attracting the highest bid of PKR 86.5 million and several franchises spending aggressively under the revamped system.

With eight franchises now armed with expanded purses and a new auction system replacing the traditional draft, PSL 2026 has already rewritten its financial history before a ball is bowled.

Here is everything you need to know about the completed squads, the biggest buys, and the strategic moves that shaped cricket’s most anticipated player market.

Auction Overhaul: How PSL 2026 Changed the Game

For the first time in its 11-year history, the Pakistan Super League abandoned the draft model in favour of a full-scale auction.

Franchises were permitted one retention per category, Platinum, Diamond, Gold, and Silver/Emerging, before the remaining player pool went under the hammer.

The two expansion franchises, Hyderabad Houston Kingsmen and Sialkot Stallionz, were additionally allowed to select up to four players from the unpicked pool before the auction commenced.

Each team operates with a fixed purse, extendable through direct overseas signings of players who did not feature in PSL 2025.

Base price tiers were set at PKR 4.2 crore (Platinum), 2.2 crore (Diamond), 1.1 crore (Gold), and 0.6 crore (Silver/Emerging).

Squads must comprise 16 to 20 players, with a minimum of two Under-23 players and at least three overseas players in every playing XI.

All contracts signed at auction run for two seasons, with teams permitted seven retentions next year and only five ahead of the scheduled 2027 mega auction.

Karachi Kings: Warner, Zampa Headline Star-Studded Haul

No franchise shopped more aggressively than Karachi Kings. Having retained Hasan Ali (Platinum), Abbas Afridi (Diamond), Khushdil Shah (Gold), and Saad Baig (Emerging), they unleashed their purse on the auction floor.

David Warner became Karachi’s marquee signing at PKR 7.90 crore after a tense bidding duel with Peshawar Zalmi. Salman Ali Agha, Pakistan’s white-ball captain, arrived for PKR 5.85 crore following an intense battle with Islamabad United. Australian leg-spinner Adam Zampa commanded PKR 4.5 crore, while Azam Khan (PKR 3.25 crore) and Mir Hamza (PKR 2.4 crore) provided local firepower.

Moeen Ali was secured as a direct overseas signing for PKR 6.44 crore, adding England’s World Cup-winning all-rounder to a dressing room already brimming with international pedigree.

Karachi Kings squad: Hasan Ali, Abbas Afridi, Khushdil Shah, Saad Baig, Moeen Ali, David Warner, Salman Ali Agha, Azam Khan, Shahid Aziz, Mir Hamza, Adam Zampa, Mohammad Hamza Sohail, Aqib Ilyas, Khuzaima Bin Tanveer.

Sialkot Stallionz: Steve Smith’s Blockbuster Arrival

The expansion franchise made the tournament’s most audacious overseas signing, securing Steve Smith as a direct acquisition for a jaw-dropping PKR 14 crore. The former Australian captain becomes the highest-paid overseas player in PSL history.

Sialkot retained Mohammad Nawaz (Platinum, PKR 6.16 crore), Salman Mirza (Diamond), Ahmed Daniyal (Gold), and Saad Masood (Emerging) before aggressive auction purchases.

Sahibzada Farhan arrived for PKR 5.70 crore after outlasting Karachi Kings. Australian duo Ashton Turner (PKR 4.2 crore) and Peter Siddle (PKR 2.5 crore) bring T20 nous, while South African wrist-spinner Tabraiz Shamsi was secured for PKR 2.2 crore.

Sialkot Stallionz squad: Mohammad Nawaz, Salman Mirza, Ahmed Daniyal, Saad Masood, Steve Smith, Sahibzada Farhan, Ashton Turner, Peter Siddle, Tabraiz Shamsi, Jahanzaib Sultan, Lachlan Shaw, Delano Potgieter.

Islamabad United: Faheem Ashraf Commands Record Fee

Islamabad United secured the tournament’s second-highest bid, shelling out PKR 8.50 crore for all-rounder Faheem Ashraf.

The explosive all-rounder, who single-handedly won Pakistan’s T20 World Cup opener against the Netherlands in 2024, now commands a contract befitting his match-winning pedigree.

Devon Conway arrived as a direct overseas signing for PKR 6.3 crore, providing rock-solid stability at the top of the order.

New Zealand’s Mark Chapman was acquired for PKR 7 crore after outbidding Peshawar Zalmi, while Mohammad Wasim Jr (PKR 4.1 crore) strengthens the pace battery.

Shadab Khan remains the franchise cornerstone, retained for PKR 7 crore in the Platinum category.

Islamabad United squad: Shadab Khan, Salman Irshad, Andries Gous, Devon Conway, Faheem Ashraf, Mehran Mumtaz, Max Bryant, Mark Chapman, Mohammad Wasim Jr, Mir Hamza Sajjad, Sameer Minhas, Sameen Gul, Shamar Joseph.

Lahore Qalandars: Fakhar, Rauf Reunited with Shaheen

Lahore Qalandars fought ferociously to retain their core. Shaheen Shah Afridi was held in the Platinum category for PKR 7 crore, while Abdullah Shafique (Diamond), Sikandar Raza (Gold), and Mohammad Naeem (Silver) remained in green.

The Qalandars then splurged at auction, reclaiming Fakhar Zaman for PKR 7.95 crore after outlasting Peshawar Zalmi and Haris Rauf for PKR 7.60 crore when Rawalpindi challenged. Usama Mir arrived for PKR 3.50 crore, while teenage pace sensation Ubaid Shah — younger brother of Naseem — was secured for PKR 2.70 crore.

Mustafizur Rahman joined as a direct overseas signing for PKR 6.44 crore, adding his cutters and variations to Lahore’s formidable attack.

Lahore Qalandars squad: Shaheen Shah Afridi, Abdullah Shafique, Sikandar Raza, Mohammad Naeem, Mustafizur Rahman, Haris Rauf, Fakhar Zaman, Usama Mir, Ubaid Shah, Haseebullah Khan, Mohammad Farooq.

Team Rawalpindi: Naseem Shah Breaks the Bank

Rawalpindi played the auction’s most calculated hand. They sat silently as Karachi Kings and Islamabad United traded blows for Naseem Shah, then pounced with an audacious PKR 8.65 crore bid. Karachi bowed out. The room erupted.

The 22-year-old pace sensation, whose raw terror once troubled Australia as a teenager, becomes PSL 11’s highest-paid player — a crown jewel acquisition that transforms Rawalpindi’s title credentials.

Undeterred by their Naseem expenditure, Rawalpindi plunged deep again for New Zealand World Cup final hero Daryl Mitchell (PKR 8.05 crore).

Mohammad Amir, returning to Pakistan’s international fold after a four-year exile, secured a PKR 5.40 crore contract. Bangladeshi leg-spinner Rishad Hossain arrived for PKR 3 crore.

Mohammad Rizwan remains the franchise captain, retained for PKR 5.60 crore.

Team Rawalpindi squad: Mohammad Rizwan, Sam Billings, Zaman Khan, Yasir Khan, Naseem Shah, Daryl Mitchell, Mohammad Amir, Rishad Hossain, Abdullah Fazal, Amad Butt.

Hyderabad Houston Kingsmen: Saim Ayub Commands Mega Retention

The second expansion franchise made Saim Ayub their Platinum retention for a staggering PKR 12.60 crore — the highest retention fee in PSL history.

The 23-year-old left-hander, widely regarded as Pakistan’s most exciting young batting talent, now carries both captaincy expectations and a contract to match.

Marnus Labuschagne arrived as a direct overseas signing for PKR 5.88 crore, bringing his unorthodox technique and relentless competitiveness to the subcontinent.

Kusal Perera (PKR 3.10 crore) provides explosive wicketkeeping options, while Mohammad Ali was snatched from Rawalpindi’s grasp with a last-minute PKR 2.15 crore bid.

Irfan Khan Niazi (PKR 2.90 crore) and Hassan Khan (PKR 1.85 crore) add domestic depth to Hyderabad’s ambitious project.

Hyderabad Houston Kingsmen squad: Saim Ayub, Usman Khan, Akif Javed, Maaz Sadaqat, Marnus Labuschagne, Mohammad Ali, Kusal Perera, Irfan Khan Niazi, Hassan Khan, Shayan Jahangir, Ottneil Baartman, Hammad Azam.

Quetta Gladiators: Khawaja Nafay Emerges as Franchise Priority

Quetta Gladiators identified Khawaja Mohammad Nafay as their future and secured the promising batter for PKR 6.50 crore — a significant statement from a franchise in transition.

Abrar Ahmed was retained for PKR 7 crore, the mystifying leg-spinner now the undisputed leader of Quetta’s attack. Rilee Rossouw returned via auction for PKR 5.55 crore, while Australian left-arm seamer Spencer Johnson joined as a direct overseas signing for PKR 5.6 crore.

Jahandad Khan (PKR 2.50 crore) and Arafat Minhas (PKR 1.10 crore) represent the youth movement, while Faisal Akram (PKR 1.25 crore) adds left-arm wrist-spin to Quetta’s arsenal.

Quetta Gladiators squad: Abrar Ahmed, Usman Tariq, Hasan Nawaz, Shamyl Hussain, Spencer Johnson, Rilee Rossouw, Khawaja Nafay, Faisal Akram, Arafat Minhas, Jahandad Khan, Wasim Akram Jr, Khan Zeb, Bismillah Khan, Saqib Khan, Brett Hampton, Samuel Harper, Bevon Jacobs.

Peshawar Zalmi: Babar Azam Retained, Gurbaz Withdrawal Creates Vacancy

Peshawar Zalmi retained Babar Azam for PKR 7 crore, the former Pakistan captain remaining the franchise’s cornerstone.

Sufiyan Muqeem (Diamond, PKR 4.48 crore) and Abdul Samad (Gold, PKR 2.80 crore) provide spin and power-hitting depth.

However, Peshawar suffered a significant setback when Rahmanullah Gurbaz — secured as a direct overseas signing — withdrew due to international commitments. A replacement is pending PCB approval.

At auction, Zalmi secured Aamir Jamal (PKR 1.90 crore), Khurram Shehzad (PKR 2.70 crore), and Mohammad Haris (PKR 2.20 crore).

Peshawar Zalmi squad: Babar Azam, Sufiyan Muqeem, Abdul Samad, Ali Raza, Aamir Jamal, Khurram Shehzad, Mohammad Haris, Khalid Usman, Abdul Subhan.

The Road Ahead: PSL 2026 and Beyond

With auction proceedings complete, franchises now turn their attention to squad composition, with mandatory Under-23 quotas and overseas player requirements shaping final XIs.

The tournament is scheduled from March 26 to May 3, with eight teams competing across Pakistan’s premier cricketing venues.

For the players who struck millions today, the pressure now matches the pay cheque. For the two expansion franchises, the challenge of building winning cultures from scratch begins immediately.

The auction gavel has fallen. The reckoning awaits on the field.