The broadcasting rights for the much-anticipated Pakistan Super League (PSL) have been auctioned for an unprecedented Rs6.3 billion, marking a staggering increase of Rs2 billion from the previous deal.

The competitive bid saw a private TV channel emerge victorious over three other contenders, solidifying its hold on the prestigious cricketing event.

The financial bids, which opened with a reserve price of Rs7.358 billion, witnessed the previous rights holder channel proposing a bid of Rs5.30 billion during the initial round.

The state-owned TV channel and two other competitors submitted bids ranging from Rs4 billion to Rs5.17 billion. However, none managed to meet the reserve price, leading to an intense second round of bidding.

In a strategic move, the channel with the highest bid in the first round escalated its offer by an additional Rs 1 billion during the second round, ultimately securing the broadcasting rights for the next two years at a monumental Rs6.30 billion.

This deal, approved by the Pakistan Cricket Board (PCB), allocates 95% of the proceeds to the PSL franchises, translating to over Rs3 billion annually for the franchises.

Furthermore, digital rights were separately acquired for Rs1.85 billion, adding an extra layer of significance to the deal.

Notably, the PCB exclusively allowed companies with their own sports channels or acquired rights from another channel to participate in the bidding process, resulting in four channels vying for the lucrative rights.

The PCB retained the authority to reconsider the bids or postpone the process if the reserve price was not met. Fortunately, a consensus was achieved after a substantial bid in the second round, ensuring the smooth progression of the broadcasting rights deal.

In a remarkable turn of events, the entity that secured the broadcasting rights in the previous contract, with a reserve price of Rs3.7 billion, has once again emerged victorious, this time with a considerably higher bid of Rs6.3 billion for a two-year duration.

The PCB, seeking transparency, enlisted the services of the international company 'Colganbauer' to conduct a thorough valuation of the media rights of PSL before the bidding, determining a value of Rs6 billion.