The Pakistan Cricket Board (PCB) has announced that the Pakistan Super League (PSL) will be held February 4-24 2016 in Dubai and Sharjah.

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A total of 24 matches will be played over a 21-day period.

"The PSL has already floated tenders for broadcasters and producers. This will be followed by a tendering process for sponsorships in the second week of October. Franchise owners will be inducted between mid to end November after which the foreign and local players will be drafted and teams constituted", said Najam Sethi, Chairman of the Governing Council of the PSL.

The PSL has recruited the world’s top limited overs talent, with Kevin Pietersen, Chris Gayle, Dwayne Bravo and Lasith Malinga all confirming their names to the tournament.

Five teams – Quetta, Karachi, Peshawar, Lahore, and Islamabad – will be vying for glory in the first edition of PSL.

The teams will comprise of the top T20 players from the world with an impressive tally of 132 foreign players signed up already.

The players will be selected through a draft process in December.

"There is a pool of top coaches also from which franchise owners will be able to pick and chose", said head of the PSL secretariat Najam Sethi.

The PSL will offer up to $1 million in prize money and each franchise will be able to draft players and coaches for their team within a budget of $1 million.