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LAHORE: The Pakistan Super League has received a major boost from Habib Bank Limited which has reacquired the title sponsorship of Pakistan Cricket Board’s pinnacle tournament for another four-year cycle (2022-2025).
The bank has been title sponsors of the PSL since its start in 2016.
“HBL not only exceeded the reserve price in reacquiring the rights but sealed it with a 55 per cent jump from the last cycle, which speaks volumes of their belief in the PSL brand,” a PCB press release stated on Thursday.
Though the PCB did not mention the exact amount, it is learnt the bank signed the new deal with the PCB for an amount of $22.2 million for four years. Last time, the PCB signed the deal for three years from 2019 to 2021 for $14.5 million. The worth of the first deal (2016-2018) was $5.2 million.
“HBL earned title sponsorship rights following a public tender process in which seven interested parties had collected the bid documents.”
Meanwhile commenting on the development, PCB chairman Ramiz Raja said: “I am delighted that the HBL has further strengthened its bond and relationship with the PCB by committing to support the PSL for another four years. Reality is that HBL, in fact, has been investing in the future stars of Pakistan cricket through PSL for which we are eternally grateful.”
HBL chief operating officer Sagheer Mufti said: “HBL is pleased to renew its commitment to Pakistan’s largest sporting platform, PSL, for a further four years. This will mark HBL’s support for this national initiative for 10 years, since its inception in 2016. HBL remains committed to playing its part in promoting Pakistan and cricket.”