The Pakistan Cricket Board (PCB) has reportedly reached an agreement with Habib Bank Limited (HBL) regarding the renewal of title sponsorship contract for Pakistan Super League (PSL).

According to the details, the contract is worth almost three times more than its initial value which was agreed before the beginning of the inaugural season of PSL.

The report stated that PCB is expected to receive around $14.3 million USD, whereas the original value of the contract was $5.2 million back in 2016.

Before signing the contract, the PCB got an estimated quote from a renowned firm to ascertain the brand value of the league in order to get the best-possible value from the new deal with HBL.

It must be noted that there were speculations about negative impact on renewal of title sponsorship contract due to former PCB Chairman Najam Sethi’s departure but that has now been put to bed with this successful deal.

Commenting on the development, Chairman PCB, Ehsan Mani said that the renewal is proof of a leading brand like HBL’s commitment, resolve and belief in PSL and in Pakistan cricket.

“I am delighted to confirm that HBL will continue to partner with us for the Pakistan Super League,” said Mani. “We have partnered for a phenomenal journey so far and we hope to work closely with HBL on the tournament, various activations and an unprecedented marketing campaign.”

President and CEO HBL Muhammad Aurangzeb said: “PSL has come a long way and HBL is proud to have partnered with a world class league. As we gear up for the next three exciting years of ‘HBL PSL’, we look forward to providing more opportunities to the young cricketers, to enable their dreams of becoming international cricket stars”.

The fourth edition of PSL will begin on February 14 with eight matches scheduled to take place in Pakistan while the rest will be held in United Arab Emirates (UAE).