Schon Group buys Multan franchise in PSL as a sixth team
The 6th inductee in the Pakistan Super League, the Multan Sultans, has been won over by the Schon Group for a staggering $5.2 Million per year, making it the highest bid, overtaking Karachi Kings of ARY Group. Dubai-based Schon Group met the reserve price of $5.2 million per year for an eight year contract, in a contest that had 10 bidders.
Asher Schon and Khizer Schon, the sons of the founder of Schon Group, led the deputation, coming out victors at the end.
The Schon Group is one of the richest families of Pakistan, found in 1982 in Singapore by Nasir Schon. The current affairs are managed by the current generation, Asher and Khizer Schon.
Off late the group has been active in investments, perhaps in a bid to reclaim its golden era of 1995, when it owned National Fibres, Schon Bank, Schon Textiles and Pak-China Fertilizers. Talking about the investments, not long before Khizer Schon invested in Y Combinators’s technology, real estates and many more. Speaking at the auction Asher Schon was quoted saying,
“We believe we have all the resources available to make this (investment) a successful venture.”
The truth in this statement, however would only be known as time rolls along, given that the other five franchises are not convinced with PCB’s profit sharing policy!