The Pakistan Super League (PSL) received a major boost on Thursday as its five franchises sold for a combined fee of $93 million for a 10-year-period with UAE’s Leonine Global venture capital winning the bid for Islamabad.

Karachi went out as the most expensive team for $2.6million per year to ARY Media Group, while Qatar’s Oil Company (QALCO) won the rights to Lahore for $2.5m per year over the next 10 years.

Leonine Global got Islamabad for $1.6million, the same price Haier paid Peshawar while Quetta went out as the cheapest team for $1.1 million to Omar Associates.

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As many as seven parties were in the running; Omar Associates, ARY media group, Mobilink, Arif Habib Group, UAE’s Venture Capital Leonine Global and Qatar’s Oil Company QALCO.

In another successful development, one of Pakistan’s oldest and biggest banks, Habib Bank Limited joined the PSL as title sponsor for the first three years of the league, which will now be known as the HBL Pakistan Super League.

“I am delighted with these positive developments and this is a major achievement in our PSL journey,” said Najam Sethi, chairman of the PSL governing council.

“The best part is that all team owners are ardent cricket fans and their dedication will make this league a success. HBL’s association with Pakistan Super League is another indication of established brands partnering with the league.”

Having reserved production rights to ensure international standard coverage, HBL PSL’s broadcast arrangements have also been finalised for the next three years. The coverage will be produced by world leaders Sunset+Vine.

Matches will be aired in Pakistan on Ten Sports and PTV Sports. Global TV rights for the same duration have been sold to Tech Front, a UAE-based media rights acquisition company.

The coach selection process for all five teams will take place in the next 10 days and the player draft event will take place by the end of December.

The first edition of the HBL PSL will take place from 4-23 February, 2016 with matches taking place in Dubai and Sharjah.