Australian batting superstar Steve Smith is back in the headlines after becoming the most expensive player in Pakistan Super League (PSL) history. He has been signed by the Sialkot Stallionz for the 11th season of the PSL, and his price tag has surprised everyone.

Smith has been paid more than double the amount of Pakistan’s batting star and former captain Babar Azam, setting a new record in the league. This signing comes just days after Smith was unexpectedly left out of the T20 World Cup 2026 squad.

Interestingly, Smith went unsold in the IPL Auction for the 2026 season in December 2025. His deal with the debutant Sialkot Stallionz makes this signing even more remarkable.

The PSL has always made headlines with big-money signings. Franchises spend huge amounts to get top players, both international stars and local talents. These players not only strengthen their teams but also draw huge fan attention. Here’s a look at the most expensive players in PSL history.

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Most Expensive Players in PSL History

1. Steve Smith 

Australian batting superstar Steve Smith became the most expensive player in PSL history after being signed by the debutant franchise Sialkot Stallionz for the 11th season. The deal was remarkable because Smith had gone unsold in the 2026 IPL Auction, making this PSL signing even more dramatic. Known for his consistent batting and ability to anchor innings, Smith will be the key player for Sialkot Stallionz this season.

2. Babar Azam 

Pakistan’s top-order batter and former captain, Babar Azam, was signed by Karachi Kings in 2023 for a whopping 7 crore. His elegant stroke play and consistency make him one of the most valuable players in the league. Babar has been a mainstay for his franchise, leading from the front and often turning matches around with his batting.

3. Shaheen Afridi

Pace sensation Shaheen Afridi, signed by Lahore Qalandars for 7 crore in 2024, is one of the most lethal fast bowlers in the PSL. Known for his ability to bowl at high speed and pick crucial wickets, Shaheen has repeatedly changed the course of matches for his franchise. His consistent performances have earned him one of the top contracts in PSL history.

4. Shadab Khan

Talented leg-spinning all-rounder Shadab Khan was signed by Islamabad United in 2022 for 7 crore. Known for his wicket-taking ability and handy lower-order batting, Shadab has been an integral part of his team. His fielding and leadership qualities make him one of the most complete players in the league.

5. Abrar Ahmed 

Rising fast-bowling star Abrar Ahmed joined Multan Sultans in 2025 for a record price of 7 crore. His strong domestic and international performances had already made him a promising talent, and his PSL deal reflects his growing reputation. Abrar’s ability to bowl consistently in the death overs makes him a crucial asset for his franchise.

Sialkot Stallionz, one of the two new teams in the Pakistan Super League (PSL), have officially signed former Australia captain Steve Smith ahead of PSL 11.

The team announced the signing on social media and wrote, “One of the biggest signings in PSL history. A game-changing and powerful player. We welcome Steve Smith to the Stallionz team. 🐎 SS x SS. Let’s go! 🔥” 

Smith will join former Australia wicketkeeper-batter Tim Paine, who has been named the head coach of the team.

Watch the video here: 

𝐎𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐁𝐢𝐠𝐠𝐞𝐬𝐭 𝐒𝐢𝐠𝐧𝐢𝐧𝐠 𝐢𝐧 𝐏𝐒𝐋 𝐇𝐢𝐬𝐭𝐨𝐫𝐲: A game changer, powerhouse player, we welcome 𝐒𝐭𝐞𝐯𝐞 𝐒𝐦𝐢𝐭𝐡 on board as a Stallion! 🐎

SS x SS - Lets goooooo🔥#SialkotStaliionz #HBLPSL #NewEra pic.twitter.com/OmMNJXBxVA

— Sialkot Stallionz (@PSLStallionz) February 3, 2026

Sialkot Stallionz: The Most Expensive Franchise in PSL

Sialkot Stallionz are one of the two new teams introduced in the Pakistan Super League. The team is owned by OZ Developers, led by Hamza Majeed and Kamil Khan. The ownership rights were bought during the PSL 2026 auction for a record Rs 1.85 billion, making it the most expensive franchise in PSL history.

From the very beginning, the Stallionz have carried a premium image. However, a high price only matters if it is matched with big ambition — and signing Steve Smith shows exactly that.

Steve Smith’s Signing Adds Major Strength to Stallionz Squad

Steve Smith, who has never played in the PSL before, is set to make his debut in the league. He comes in after a brilliant Big Bash League season with the Sydney Sixers. Smith scored 299 runs in six matches, with an average of 59.80 and a strike rate of 167.97. His season included an impressive 42-ball century.

Overall, Smith has played 272 T20 matches. He has scored 6,242 runs at an average of 32.68 and a strike rate of 131.38, with five centuries and 30 half-centuries.

Under PSL 11 rules, teams are allowed to directly sign one foreign player who did not play in PSL 10, which made Smith’s signing possible.

The Stallionz are also following an Australian-style approach. They have already appointed former Australian wicketkeeper-batter Tim Paine as head coach. Smith is expected to play under Paine, his former international teammate. Both Paine and Smith made their Test debuts in the same match against Pakistan in 2010, making this reunion even more special.

Smith’s arrival is a big moment not just for Sialkot Stallionz, but for the PSL as a whole, as the league moves into a new era with eight teams.

The Pakistan Super League on Tuesday confirmed the full list of category renewals for the upcoming 11th edition, giving fans their first clear look at how franchises are shaping up before the league’s first-ever player auction on February 11.

The renewals cover Platinum, Diamond, Gold, Silver and Emerging categories, locking in key local players while leaving room for major reshuffles once the auction begins.

Category-wise Retentions (PSL 11)

Platinum

Multan Sultans: Mohammad Rizwan

Lahore Qalandars: Shaheen Afridi, Fakhar Zaman, Haris Rauf

Islamabad United: Shadab Khan, Naseem Shah, Agha Salman, Mohammad Nawaz, Sahibzada Farhan, Imad Wasim

Peshawar Zalmi: Babar Azam, Saim Ayub

Quetta Gladiators: Faheem Ashraf, Abrar Ahmad, Mohammad Amir

Karachi Kings: Hassan Ali

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Diamond

Multan Sultans: Iftikhar Ahmad, Usman Khan, Usama Mir

Lahore Qalandars: Abdullah Shafique

Islamabad United: -

Peshawar Zalmi: Sufyan Muqeem

Quetta Gladiators: Saud Shakeel, Wasim Jr, Usman Tariq

Karachi Kings: Abbas Afridi, Shan Masood

Gold

Multan Sultans: Kamran Ghulam, Faisal Akram, Mohammad Hasnain, Akif Javed, Tayyab Tahir

Lahore Qalandars: Zaman Khan, Jahandad Khan, Asif Afridi, Asif Ali

Islamabad United: Azam Khan, Haider Ali, Rumman Raees, Salman Irshad

Peshawar Zalmi: Mohammad Haris, Mohammad Ali, Hussain Talat, Abdul Samad, Ahmed Daniyal, Ihsanullah

Quetta Gladiators: Hassan Nawaz, Khawaja Nafay, Haseebullah, Khurram Shahzad, Danish Aziz

Karachi Kings: Irfan Khan Niazi, Khushdil Shah, Aamer Jamal, Zahid Mahmood, Shahnawaz Dahani, Omair bin Yousuf, Arafat Minhas, Mir Hamza

Silver

Multan Sultans: Yasir Khan, Aamir Barki, Mohammad Junaid, Humayun Altaf, Ubaid Shah, Ali Imran, Jahanzaib Sultan

Lahore Qalandars: Mohammad Naeem, Mohammad Akhlaq, Mohammad Azab

Islamabad United: Mohammad Faiq, Hunain Shah

Peshawar Zalmi: Mehran Mumtaz, Arif Yaqoob

Quetta Gladiators: Ali Majid

Karachi Kings: Mirza Mamoon

Emerging

Multan Sultans: Shahid Aziz, Mohammad Zulkifal

Lahore Qalandars: Momin Qamar

Islamabad United: Saad Masood, Mohammad Shehzad, Ghazi Ghori

Peshawar Zalmi: Ali Raza, Maaz Sadaqat, Abdullah Fazal

Quetta Gladiators: Mohammad Zeeshan, Shamyl Hasan

Karachi Kings: Riazullah, Saad Baig, Fawad Ali

The Pakistan Super League will experience its first major change when the Pakistan Cricket Board (PCB) introduces a player auction system for the league's 11th season. This marks the first time in PSL history that teams will acquire players through an auction rather than the traditional draft, a move which aims to create better league transparency and improved competition and increased financial worth of the league.

The auction for PSL 11 will take place on February 11 when all bidding will use Pakistani Rupees (PKR) as the currency. The PCB has published specific regulations which franchises must adhere to before the upcoming season even though the auction location remains unconfirmed.

PSL Auction Categories and Base Prices

Players will be divided into structured categories to maintain balance across teams. The base prices for each category have been fixed as follows:

Franchises must place a minimum additional bid of PKR 15 lakh for players in the top bracket, while the lowest bracket will have a minimum incremental bid of PKR 2.5 lakh.

Squad Size and Player Combination Rules

Under the new PSL 2026 auction framework, each franchise must build a balanced squad within clearly defined limits.

These restrictions are designed to preserve the league’s local identity while maintaining international quality.

Mandatory Youth Inclusion Rule

A major highlight of the new rules is the emphasis on youth development. Each franchise must include at least two uncapped Under-23 players in their squad. More importantly, one uncapped U23 player must feature in the Playing XI in every match.

This rule is expected to play a crucial role in nurturing Pakistan’s next generation of cricketers by giving them consistent match exposure at the highest domestic level.

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Player Contracts and Retention Policy

For the first time, PSL players will be offered two-year contracts, applying to both auction signings and retained players. This change allows franchises to plan long-term strategies instead of rebuilding squads every season.

Retention rules have also been clearly mapped out:

Following PSL 12, a Grand Auction will be held, with all released players entering the PSL 13 auction pool to ensure competitive balance across teams.

Franchise Purse and Spending Limits

Each franchise has been allocated a substantial budget to strengthen their squads.

The increased purse reflects the PCB’s intent to attract top international talent and elevate the league’s overall quality.

Direct Signing of One Foreign Player

Outside the auction system, franchises are allowed to directly sign one foreign player, provided that player did not feature in HBL PSL X. The PCB will actively assist teams in securing elite overseas players, further enhancing the global appeal of the tournament.

Expansion to Eight Teams and Franchise Update

PSL 11 will be the first season featuring eight teams, with Hyderabad and Sialkot joining the league. Meanwhile, the Multan Sultans franchise is set to go up for auction, as it currently does not have an owner. The deadline for submission of technical bids for potential new owners is January 30, with the franchise auction expected to take place before the player auction.

The PCB’s decision to introduce a player auction model represents one of the most significant reforms in PSL history. With clearer financial structures, two-year contracts, mandatory youth participation, and an expanded league format, PSL 11 is poised to be more competitive and commercially strong than ever before.

As February 11 approaches, fans are eagerly waiting to see how franchises shape their squads and which domestic and international stars will light up the next chapter of the Pakistan Super League.

Wiaan Mulder will miss the Pakistan Super League 2026 because his County Championship duties prevent him from playing in the tournament. 

County commitments take priority as Mulder remains unavailable for PSL 2026

Mulder has signed with Essex for the first half of the 2026 English domestic season. The agreement allows the 27-year-old to compete in the first six County Championship matches and the first six Vitality Blast matches while he will stay in the United Kingdom from April until June.

The scheduling overlap means Mulder is unlikely to enter or feature in the Pakistan Super League auction, a development that could impact franchise plans given his growing reputation as a reliable seam-bowling all-rounder.

Mulder has experience in county cricket because he played for Leicestershire and Kent during his early career. He has played 92 first-class matches and 140 T20 matches and became a regular member of South Africa's international team throughout his career.

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county agreement ensures Wiaan Mulder will remain in England

Chris Silverwood, the director of cricket for Essex, announced the signing while showing appreciation for Mulder's ability to play multiple positions and his extensive experience. "We are absolutely thrilled to welcome Wiaan to Essex. He is a proven international performer and one of the most complete all-rounders in the game today," Silverwood said, as quoted by ESPNcricinfo. "His ability to contribute consistently with both bat and ball will add real balance to our squad."

Mulder expressed his enthusiasm to return to England because he wants to face new challenges. "I am really excited about joining Essex and coming back to the UK for a new challenge. I have always had great experiences playing here and am looking forward to seeing what we can achieve together," he said.

Derbyshire signed Pakistan left-arm wrist-spinner Sufiyan Muqeem to play during the first half of the Blast while Yorkshire has signed Netherlands all-rounder Logan van Beek to compete in the first part of the Championship season. The county cricket commitments which Mulder has with Essex will take priority over his franchise obligations, which means he will most likely miss the PSL 2026 tournament.

Ahead of the Pakistan Super League 2026 (PSL 2026) draft, star players of Afghanistan can take a strong stance against Pakistan. In a recent report it is claimed that multiple players of the Afghanistan national team are set to stay away from the PSL 2026 players draft. 

The political relationship between Pakistan and Afghanistan worsened after an airstrike that took the lives of multiple civilians, including three young Afghan cricketers. In protest, the Afghanistan Cricket Board (ACB) issued a strong statement against Pakistan. After the tragic incident, ACB decided to withdraw their team from a Tri-Nation T20I Series involving Pakistan.

"In response to this tragic incident and as a gesture of respect to the victims, the Afghanistan Cricket Board has decided to withdraw from participating in the upcoming Tri-Nation T20I Series involving Pakistan," the ACB stated. 

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Afghanistan players can skip PSL 2026 edition 

🚨 AFGHAN PLAYERS WON'T BE AVAILABLE FOR PSL 2026.

- Rahmanullah Gurbaz, Naveen ul Haq, and Mujeeb Zadran will not register for the PSL 2026 draft.

— @1stSportsEvent1 pic.twitter.com/K9NDHVXgyT

— ACB Xtra (@acb_190) January 7, 2026

Star cricketer of Afghanistan, Rashid Khan, also showed protest against Pakistan in strong words. He mentioned the airstrike as a "grave violation of human rights." Taking a step further, he removed the name of Lahore Qalandars, his Pakistan Super League (PSL) franchise, from his official 'X' account as well. 

According to some fresh reports, Afghanistan players will not participate in the upcoming edition of the Pakistan Super League. Star Afghan players like Rahmanullah Gurbaz, Naveen ul Haq, and Mujeeb Zadran will not not register for the PSL 2026

draft. 

The most significant alteration ever to the Pakistan Super League is planned as a result of the tournament's gradual progression from six teams to eight. The Pakistan Cricket Board has taken a huge step in that direction by making it public that 10 groups are going to compete in the PSL franchise auction for the 2 new franchises.

This announcement not only signifies the league's growth but also the Pakistan Super League's enormous impact and engagement with the corporate world that attracts major companies, both local and international, to be involved with the league.

PSL Expansion Auction Details

The Pakistan Cricket Board (PCB) has made it known that the franchise auction will take place on January 8, 2026, at the Jinnah Convention Centre. Additionally, the two winning bidders will have the chance to form new teams for the PSL 11 which ins set to take place between March 26 and May 3, 2026.

In order to provide the new owners with more options, the PCB has proposed several potential cities for the teams' home games, such as Rawalpindi, Faisalabad, Hyderabad, Sialkot, Muzaffarabad, and Gilgit. However, the final selection of the home grounds will occur after the auction.

List of Qualified Bidders for New PSL Teams

The 10 bidders that were shortlisted are from different industries and show the strong attraction of PSL not only to cricket but also to other areas of business.

Inverex – A renewable energy company that has previously sponsored PSL

OZ Group / OZI Developers – A company that specializes in the real estate and property development sector

VGO Tel – A company that provides mobile and technology services and is based in Karachi

Jazz – The largest telecom operator in Pakistan that has been a partner of PSL for a long time

DSM Tareen Group – The group is headed by Ali Khan Tareen, who was once a PSL franchise owner

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i2c – A global fintech company that was established by a Pakistani-American entrepreneur Aamir Waien

Walee Tech – A firm that operates in the field of media and fintech and is interested in digital engagement 

Prism Developers + Exchange ON – A partnership between property development and technology companies

Kingsmen Group – An investment company that is focusing on the acquisition of sports assets for the long term

Aim Next Inc – An enterprise that prioritizes technology and innovation in its operations

PSL expansion promises growth opportunities as January 8 auction nears

The addition of two new teams is anticipated to bring multiple advantages to the cricket scene in Pakistan. The number of matches will increase, new regional fan bases will be created, and each of the three main areas in Lahore, Karachi, and Islamabad will receive more revenue through broadcasting and sponsorships. However, the main impact will be on opening up more spots for young and upcoming local players to present their skill on a large stage.

The professionals guess this development could be a very big factor in lifting up Pakistan's sports economy and then the PSL would be even more nicely ranked among the world's top T20 leagues.

The day of the auction, the qualified groups will be fighting under PCB-approved financial and operational rules. The successful bidders will then proceed to the final stage of the ownership process where they will choose their home cities, and set up management and marketing structures.

The PCB has been very open regarding how the selection process will be handled; it will mainly rely on factors such as openness, financial soundness, and long-term dedication.

There has been a strong corporate interest, a clear roadmap and 10 serious bidders in the contest, so the expansion of PSL to an eight-team tournament is now very likely to happen. The auction on January 8 is expected to be a historic moment - one that could influence the future of Pakistan’s domestic cricket for many years.

The biggest enlargement in the history of the Pakistan Super League (PSL) is being prepared now as the Pakistan Cricket Board (PCB) announced that the reaction to the overseas bids for the two new franchises for the 2026 season was globally overwhelming.

The global interest in the league skyrocketed as 12 bidders entered the competition for the two new PSL franchises

The bids submission deadline which was originally meant to be closed on December 20 was extended twice finally coming to an end on December 24. The PCB disclosed that during the time frame given, the 12 parties expressing their interest had formally submitted their bids, the board characterized the reaction as “exceptional and encouraging.”

The PCB mentioned that the bidders belonged to five different countries namely the United States, Australia, Canada, the United Arab Emirates, and Pakistan, thus emphasizing the PSL’s increasing international recognition and commercial worth. The league has been growing and inspiring the cricket world since it first started in 2016.

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In a press release, the PCB revealed that the announcement of the initial bidding phase results will take place on December 27. The parties that will be able to meet the technical and financial qualifications will then go to the next phase - the open competition which is to be held on January 8 at the Islamabad Convention Centre. During this open auction, the final ownership of the two new teams will be determined.

PCB's vision of a long-term growth strategy amid IPL competition has led to major expansion of PSL

The PSL started its journey in 2016 with five teams and by adding one more, that number became six in 2018. The first month of the new year will see the removal of the franchise cap increasing the total number to eight, which has not been seen in seven years after the initial phase of the league.

The PSL 2026 season will run from March 26 to May 3 and this timing will directly coincide with IPL (Indian Premier League) dates. Although there will be an overlap, PCB is still quite sure of the league's expansion having a positive effect on its long-term growth and international presence.

The PCB has assured conducting the whole bidding process transparently, and in compliance with international standards. It reiterates its ambition to develop the PSL into a new age of large size, fierce competition, and high commercial success.

The Pakistan Cricket Board (PCB) will be taking over the Pakistan Super League team Multan Sultans for an interim period after the current owner agreement will be finished by the end of 2025. The PCB will run the team for one season in 2026 and then sell it to the new owner via an auction in 2027, as per the official information provided.

The current agreement with the group owning the Multan Sultans ends on December 31, 2025, and a final policy decision from PCB is expected within a week. Reports suggest that the board has already laid out a transition plan to keep the franchise running smoothly with no interruption to the league.

If the suggested plan goes ahead, the PCB-operated model may provide financial relief to the board in the short term. The PCB would save about $3 million from the central revenue pool and another $1 million in sponsorship allocations by being in charge of the franchise directly. On the other hand, there is a downside as well. According to an audit report, the PCB would have to give up the annual franchise fee of $8.5 million for the year of takeover, which means the overall financial impact will need to be carefully weighed.

Ownership exit marks the end of a chapter as PCB introduces temporary management before the 2027 auction

This event took place after Ali Tareen, Multan Sultans owner, made a public announcement in November that he was leaving the franchise. Reports say that over the past year, the relations between the PCB and the ownership group had deteriorated continuously until it reached a stage where it was not possible to continue.

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Multan Sultans have experienced a complex ownership saga. The franchise was first given to the Schon Group as the sixth PSL team for $5.2 million, making it the most expensive franchise then. However, after the first season, financial problems resulted in missed payments, which led the PCB to cancel the agreement.

In the month of December 2018, Alamgir Tareen together with his nephew Ali Tareen bought the franchise for the amount of $6.3 million. Thereafter, Multan Sultans have turned up to be the most reliable and strong contenders for the PSL titles by consistently challenging the other teams and acquiring a good number of fans.

The situation of the PCB getting involved is a step towards having stability in the franchise while the long-term ownership of the franchise will be determined at the 2027 auction.

The Pakistan Super League (PSL) 2026 has suffered a major setback with several top England players set to miss the tournament. With the IPL and PSL clashing in the 2026 season, the dominance of the IPL has once again impacted player availability, and the England Cricket Board’s (ECB) strict workload policy has added further trouble for the PSL.

According to recent reports, England’s centrally contracted red-ball players will not receive No-Objection Certificates (NOCs) to play in PSL 11. The ECB has prioritised the County Championship and England’s home Test summer, which includes a three-match Test series against New Zealand in June 2026. While the IPL continues to remain an exception, players who skip or go unsold in the IPL are expected to rest rather than join other overseas leagues.

England players unavailable for PSL 2026

As per current ECB guidelines and contract structures, the following England players are unlikely to feature in PSL 11:

• Ben Stokes
• Harry Brook
• Mark Wood
• Jamie Smith
• Gus Atkinson
• Rehan Ahmed
• Saqib Mahmood
• Ollie Robinson
• Matthew Potts
• Brydon Carse
• Zak Crawley
• Joe Root (unlikely due to workload management)

Most of these players hold red-ball or multi-format central contracts, making them unavailable during the PSL window, which runs from March 26 to May 3, 2026.

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Why ECB has blocked PSL participation

The ECB has tightened its NOC policy to protect player fitness ahead of a busy international calendar. With the County Championship starting in April and international commitments immediately after, the board is unwilling to risk injuries or burnout. The IPL remains the only overseas league given special clearance due to its commercial agreements and fixed calendar slot.

Impact on PSL franchises

The absence of marquee England names significantly affects PSL franchises, especially with the league expanding to eight teams in 2026. Teams are now expected to shift focus towards:

• Unsold IPL players
• Australian and West Indies cricketers
• Emerging overseas talent

With growing competition from the IPL and limited access to England’s elite players, PSL 2026 faces a challenging road ahead as it works to retain global relevance and star appeal.