The first-ever player auction for the 11th edition of the Pakistan Super League (PSL) is happening now in Lahore. All eight franchises are bidding for players after first auctioning all-rounders. The Pakistan Cricket Board (PCB) replaced the old draft system with this auction model last month. The auction started with all-rounders. Faheem Ashraf, at a base price of Rs42 million, was sold to Islamabad United for Rs85 million. Other all-rounders like Imaad Wasim and Bangladesh’s Mehidy Hasan Miraz went unsold. The second round is now for batsmen. Some players, including Kyle Mayers from Barbados and New Zealand's Colin Munroe, went unsold. PCB announced that over 800 players registered for the auction. Player base prices start from Rs1.1 million up to Rs42 million for top players. Bidding increments vary from Rs250,000 to Rs1.5 million depending on the base price. Each team must have 16 to 20 players, with 5 to 7 foreign players allowed. Teams must include 3 to 4 foreign players in the playing XI. Also, squads must have at least two uncapped Under-23 players and one such player in the playing XI. Contracts will last two years. After PSL 11, teams can retain up to seven players for PSL 12. A grand auction will follow PSL 12, with a maximum of five retentions. Franchises may directly sign one foreign player who did not play last season. The team budget is Rs450 million, extendable to Rs505 million with direct foreign signings. PCB will help bring top foreign players. PSL 11 starts on March 26 and ends on May 3. This edition will add two new teams: Hyderabad and Sialkot, increasing total teams to eight.