First-ever auction replaces draft system as Steve Smith becomes most expensive player at PKR 140 million.
Cricket’s newest battleground just got a lot more expensive.
The Pakistan Super League held its first-ever player auction on February 11, 2026, at Lahore’s Expo Centre, replacing the decade-old draft system with competitive bidding. According to ESPNcricinfo, the eight-hour event saw Australian legend Steve Smith become the most expensive player in PSL history at PKR 140 million, while David Warner, Daryl Mitchell, and other international stars joined the expanded eight-team league.
Steve Smith and International Stars Set Price Records
According to Outlook India, Steve Smith secured PKR 140 million (approximately USD 500,000) from new franchise Sialkot Stallionz as a direct signing. The amount is double what Babar Azam earns and surpasses all previous PSL contracts. Smith went unsold at the IPL 2026 auction before joining the PSL and is set to replace injured Mitchell Marsh in Australia’s T20 World Cup squad.
Saim Ayub became the second-highest paid player overall at PKR 126 million, retained by Hyderabad Houston Kingsmen before the auction, according to The National.
David Warner went to Karachi Kings for PKR 79 million after an intense bidding war with Peshawar Zalmi, according to ESPNcricinfo. Warner captained Karachi Kings last season.
New Zealand all-rounder Daryl Mitchell became the most expensive auction buy at PKR 80.5 million. Rawalpindi won the bidding war against Peshawar Zalmi and Islamabad United for Mitchell, who impressed during PSL 2025 with Lahore Qalandars.
South African Rilee Rossouw went to Quetta Gladiators for PKR 55 million after a bidding battle with Rawalpindi. Other international signings included Australian spinner Adam Zampa (Karachi Kings, PKR 45 million), New Zealand’s Mark Chapman (Islamabad United, PKR 70 million), and West Indian quick Shamar Joseph (Islamabad United).
Direct signings before the auction included Moeen Ali (Karachi Kings), Devon Conway (Islamabad United), Marnus Labuschagne (Hyderabad), Mustafizur Rahman (Lahore Qalandars), and Aaron Hardie (Peshawar Zalmi).
Pakistani Stars Command Top Auction Prices
Naseem Shah became the auction’s most expensive player at PKR 86.5 million from Rawalpindi. Islamabad United, Rawalpindi, and Karachi Kings fought over the Pakistan fast bowler before Rawalpindi secured him.
Faheem Ashraf commanded PKR 85 million from Islamabad United, making him the first player sold at the auction. His price benefited from recent performances against Netherlands at the T20 World Cup.
Haris Rauf secured PKR 76 million to return to Lahore Qalandars, the side he won three PSL titles with. Fakhar Zaman went for PKR 79.5 million after an extended battle between Lahore Qalandars, Islamabad United, and Peshawar Zalmi.
Pakistan T20I captain Salman Ali Agha joined Karachi Kings for PKR 58.5 million following a bidding war with Islamabad United.
Young Pakistani players commanded impressive sums. Khawaja Nafay went to Quetta Gladiators for PKR 65 million, nearly six times his base price of PKR 11 million. Sahibzada Farhan fetched PKR 57 million from Sialkot Stallionz after four franchises competed for the Pakistan opener. Teenage sensation Sameer Minhas attracted a bidding war, with Islamabad United securing him for PKR 19 million.
Mohammad Amir nearly went unsold before Rawalpindi placed a late bid, eventually securing him for PKR 54 million after a bidding war with Karachi Kings.
Auction Format and League Expansion
According to Cricket News, the league expanded from six to eight teams with the addition of Sialkot Stallionz and Hyderabad Houston Kingsmen. Rawalpindi entered as a rebranded franchise after Walee Technologies acquired the Multan franchise for a record annual fee of PKR 2.45 billion.
According to The National, Sialkot and Hyderabad franchises were acquired for PKR 1.85 billion and PKR 1.75 billion respectively per year for 10 years.
Each franchise received a purse of PKR 450 million to build squads, with PKR 55 million set aside for direct signings. Teams were allowed to retain up to four players before the auction across platinum, diamond, gold, silver, and emerging categories.
Teams were required to build squads of 16 to 20 players, including five to seven overseas stars and at least two uncapped Under-23 players. One uncapped player must feature in every match. The Pakistan Cricket Board set four base price tiers for bidding: PKR 4.2 crore, 2.2 crore, 1.1 crore, and 0.6 crore.
The event lasted nearly eight hours, including an extended lunch break that stretched to an hour and a half. The auction included regular bidding rounds followed by an accelerated round where unsold players returned with reduced base prices.
Several established names failed to attract buyers. Pakistan Test captain Shan Masood went unsold, as did Asif Ali and Haider Ali. International all-rounders faced challenges at the auction. Iftikhar Ahmed, David Willey, Tom Curran, and Jimmy Neesham all went unsold. Other notable international players who failed to find buyers included Shakib Al Hasan, Chris Jordan, Imad Wasim, Jason Roy, Usman Khawaja, and Dawid Malan.
Shahnawaz Dahani also went unsold. Peter Siddle, the 41-year-old former Australian fast bowler, joined Sialkot Stallionz, while 46-year-old Imran Tahir went unsold.
Hyderabad Houston Kingsmen targeted American talent, picking up Shayan Jahangir along with Hassan Khan for PKR 18.5 million. The franchise also signed Mohammad Ali, Kusal Perera, and Irfan Khan Niazi. Sialkot Stallionz secured Sahibzada Farhan and brought in Peter Siddle along with Steve Smith as their marquee signing.
The PSL 2026 season is scheduled to run from March 26 to May 3. The season will clash directly with the Indian Premier League. The auction concluded with 64 successful acquisitions across eight franchises.
