Business Conglomerate Schon Group buys PSL Multan for a hefty $41.6 million
One of the richest families of Pakistan, Schon Group has bought the newly added Multan team in Pakistan Super League after successful bid at Pakistan Cricket Board. The Schon Group will be paying a hefty $41.6 million in a period of 8 years for this contract. This acquisition, of $5.2 million per year, turns out to be the biggest one in the history of Pakistan Super League.
Before Multan purchase, of all the PSL teams, Karachi Kings was deemed the biggest sale. It was acquired by Ary Group for $2.6 million per year for a contract spanning a decade.
The bid from Schon Group’s end was led by Asher Schon and Khizer Schon, the sons of renowned business leader Nasir Schon who cofounded the Schon Group with his brother Tahir H Schon. Starting off in Singapore in 1982, the peak of Schon group was in 1995 when they owned National Fibres, Schon Bank, Schon Textiles and Pak-China Fertilizers.
Khizer Schon has recently made several investments in the YCombinator’s technology startups and aims to invest in Pakistani technology businesses through their investment arm Schon Ventures. Schon Ventures is the group investment vehicle which has invested in fitness, transportation, real estate, and technology start-ups.
While speaking at the PSL auction, Asher Schon said,
“We believe we have all the resources available to make this (investment) a successful venture.”