Categories: StartupsTechnology

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.

Left to Right: Khizer Schon, Asher Schon, sons of Nasir Schon

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.”

Sponsored
TechJuice

Pakistan's premier website covering everything about Technology, Startups and Entrepreneurship! Email: editors@techjuice.pk

Share
Published by
TechJuice
Tags: BusinessNews

Recent Posts

First AI-Powered Teacher Launched in Pakistan’s Private School

Karachi: A private school in Karachi has unveiled Pakistan’s first AI-powered teacher, a groundbreaking move…

60 mins ago

Yahoo Surprises Users with Its Latest Android Launcher

Third-party apps have long been a staple of the Android ecosystem, but their appeal has…

2 hours ago

Phase-II Review of PTCL-Telenor Deal Finalized by CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has completed its Phase-II review of Pakistan Telecommunication…

2 hours ago

Xiaomi’s SU7 Achieves New Production Record, Driving Q3 Growth

Xiaomi has shattered records by producing 100,000 vehicles in just 230 days. This is nearly…

4 hours ago

Teachers Can Now Access OpenAI’s Free AI Course

OpenAI, in collaboration with nonprofit organization Common Sense Media, announced on Wednesday the launch of…

5 hours ago

WhatsApp-Inspired Updates Under Testing in Google Messages

Google is exploring a revamped image-sharing interface in its Messages app, taking cues from WhatsApp…

5 hours ago