The Pakistan Super League team Multan Sultans was sold for a record Rs2.45 billion on Monday. Walee Technologies won the bid at an auction in Lahore. The payment covers the annual franchise fee for the next 10 years. At the auction, the company's CEO Ahsan Tahir announced the team name will change to Rawalpindi. "Are you ready for a surprise? We will be going for Rawalpindi!" he said. Pakistan Cricket Board chairman Mohsin Naqvi congratulated Walee Technologies. He thanked former board chief Najam Sethi for starting the Multan Sultans. "This Multan Sultans was created by Najam Sethi sahib and the person who started this journey; we are so pleased he is with us today," said Naqvi. Najam Sethi responded, "I’m obviously delighted to be here; this is the culmination of a dream come true. I’m obviously over the moon that it’s come through under Mohsin Naqvi, who is a dear, dear friend of mine." He called the winning bid "a great moment for Pakistan cricket" and hinted more good news beyond PSL soon. Walee Technologies is a global firm working in media, finance, and technology. They also own the PSL livestreaming rights, according to their website. More updates will follow.