Hyderabad Kingsmen Owner Fawad Sarwar has claimed the Pakistan Super League expansion franchise has already tripled in value during its debut season, implying a valuation of roughly US$19 million less than a year after the team entered the competition. Speaking in a YouTube interview, Sarwar said the assessment was based on an independent valuation carried out during PSL 11 before the completion of the franchise’s first campaign.
Hyderabad Kingsmen owner Fawad Sarwar reveals that HHK valuation is already 3x higher than the original purchase price and says the franchise is now valued at nearly $190 million USD 👀#PSL2026 #PSL11 #PSLNewEra pic.twitter.com/j8QQbfCSdQ
— Saqib Shah (@Saqibca) May 12, 2026
FKS Group, the US-based aviation and healthcare conglomerate owned by Sarwar, secured Hyderabad Kingsmen during the PSL expansion process in January for PKR 175 crore (approx. US$6.27 million). The franchise recovered from four consecutive defeats at the start of the season to reach the PSL 11 final before losing to Peshawar Zalmi by five wickets.
Fawad Sarwar said in a YouTube interview, “Our Hyderabad franchise hasn’t even completed its first season yet, and a very reputable valuation firm has already told us that our valuation has tripled,”
Sarwar added, “If the franchise was bought for around Rs175 crore, then multiply that by three…. and year one hasn’t even ended yet,”
Franchise valuation gap raises commercial concerns
Sarwar also highlighted the widening financial gap between newer PSL franchises and teams that entered the league during earlier commercial cycles, arguing that the current structure creates challenges in sponsorship negotiations.
Ahead of the 2026-2035 cycle, the Pakistan Cricket Board reassessed franchise values through an Ernst & Young evaluation process. Under that structure, Lahore Qalandars were valued at PKR 98 crore per year (approx. US$3.51 million), while Peshawar Zalmi were assessed at PKR 87 crore (approx. US$3.12 million), compared to PKR 27 crore (approx. US$0.97 million) during the league’s earlier valuation cycle in 2016.
Karachi Kings were valued at just under PKR 80 crore (approx. US$2.87 million), while Multan Sultans were assessed at PKR 85 crore (approx. US$3.05 million) despite originally entering the league at PKR 110 crore (approx. US$3.94 million).
According to Sarwar, teams operating with lower franchise costs have greater flexibility when approaching sponsors, creating pricing pressure for newer entrants that entered the PSL under significantly higher valuations.
“If a sponsor is willing to give us Rs. 40 crore, another cheaper franchise can go and say, ‘Give us Rs. 4 crore instead and we’ll do it for you,’” Sarwar said.
“Since their overall costs are much lower, sponsors choose them instead.”
Hyderabad Kingsmen pursue international commercial growth
Sarwar said Hyderabad Kingsmen are focused on long-term commercial expansion rather than immediate financial returns as the franchise continues developing its sponsorship and media strategy ahead of next season.
“Profitability is also about value creation. Money attracts money. There’s a mindset and a method behind building an asset,” Sarwar said.
He added that discussions are already taking place with major North American banks and credit card companies regarding future sponsorship agreements tied to the franchise.
Sarwar also pointed to the team’s reported digital reach in the United States as one of the factors supporting the franchise’s commercial growth ambitions.
“In the USA alone, our user reach is reportedly over 177 million,” Sarwar said.
The Hyderabad Kingsmen owner further revealed that a major streaming platform is currently producing a documentary centred on the franchise’s debut PSL campaign, with the project expected to target an international audience following release.
Sarwar also expressed confidence that financial balance across the PSL would gradually improve as franchise economics evolve over future commercial cycles.
“This imbalance will only end when all teams come to an equal footing,” Sarwar said.
The Hyderabad Kingsmen owner said he expects the franchise to move towards profitability as the league’s broader commercial structure continues to mature in the coming years.
