Fawad Sarwar, the owner of Hyderabad Kingsmen, has claimed that the franchise is already worth around $190 million, roughly three times the price he paid to acquire the team earlier this year.
Speaking on a recent YouTube interview, Sarwar said that a valuation firm had assessed the franchise during Pakistan Super League (PSL) 11, its debut season, and arrived at a figure that stunned even him.
“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,” he said. “If the franchise was bought for around Rs175 crore, then multiply that by three. In dollar terms, we’re already close to around $190 million in valuation, and year one hasn’t even ended yet,” he added.
FKS Group, a US-based aviation and healthcare conglomerate, acquired Hyderabad Kingsmen on January 8, 2026, for PKR 1.75 billion during two-team expansion auction.
Sarwar also addressed the financial imbalance between the newer, higher-priced franchises and the original six teams, whose annual fees were reset by the PCB through an Ernst and Young (EY) valuation ahead of the 2026-2035 cycle.
EY assessed Lahore Qalandars, the most valuable existing PSL franchise, at approximately PKR 980 million (around $3.47 million) per year. Peshawar Zalmi were valued at approximately PKR 870 million (around $3.1 million), up from PKR 270 million in 2016. Karachi Kings came in at just under PKR 800 million, while Multan Sultans were the only franchise to see depreciation, valued at approximately PKR 850 million against an original entry price of PKR 1.1 billion.
Sarwar also addressed the financial imbalance between the newer, higher-priced franchises and the original teams, saying that it created a problem in the sponsorship market this season.
“If a sponsor is willing to give us Rs40 crore, another cheaper franchise can go and say, ‘Give us Rs4 crore instead and we’ll do it for you,'” he said. “Since their overall costs are much lower, sponsors choose them instead.”
He added that profitability for him goes beyond simple return on investment.
“Profitability is also about value creation,” he said. “Money attracts money. There’s a mindset and a method behind building an asset.”
Sarwar said that he is already in talks with major North American banks and credit card companies for next season’s sponsorships, and pointed to the franchise’s reach in the United States as a key driver of its valuation.
“In the USA alone, our user reach is reportedly over 177 million,” he said.
He also revealed that a major streaming platform is currently producing a documentary on the franchise throughout the season, which he expects to generate tens or hundreds of millions of viewers worldwide.
Sarwar was confident the financial model of the league would eventually correct itself.
“This imbalance will only end when all teams come to an equal footing,” he said. “I believe profitability will come very soon.”
Hyderabad Kingsmen reached the PSL 11 final despite losing their first four matches, before recovering in dramatic fashion to qualify for the playoffs, where they fell to Peshawar Zalmi by five wickets.
