Pakistan, Feb. 10 -- Pakistan Super League franchise (PSL) Multan Sultans on Monday was sold to Walee Technologies for a record Rs2.45 billion ahead of the tournament's 11th edition.

At the auction in Lahore, show host Fakhr-i-Alam informed bidders that the winning bid would also cover the annual fee to maintain ownership of the team for the next 10 years.

Speaking at the auction ceremony, the new owner of the team announced that they would be changing the name to Rawalpindi. "Are you ready for a surprise? We will be going for Rawalpindi!" announced the company's chief executive officer, Ahsan Tahir.

Speaking at the ceremony, Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi congratulated Walee Technologies on their successful bid and...