The Pakistan Cricket Board (PCB) has terminated the franchise rights of Multan Sultans as Schon Properties failed to meet its financial obligations.

The termination of contract reverts all rights in respect of the team back to the PCB.

The PCB, in a statement, stated that the termination was brought about due to the former franchisee’s inability to meet its financial obligations under the agreement.

However, PCB has reaffirmed that the fourth edition of the PSL will go ahead as planned with six teams and the same number of matches.

The PCB will now enter into a public tender process to grant repackaged rights of the sixth team.