The Pakistan Super League (PSL) on Thursday welcomed its newest outfit, Multan, which will feature in the third edition of the tournament to be held in 2018.

Dubai-based Schon Group met the reserve price of $5.2 million per year for an eight year contract, in a contest that had 10 bidders. The total contract is therefore worth $41.6 million.

Multan is Pakistan's fifth largest city. For its rich Islamic and Sufi tradition, it is known as the City of Saints.

Karachi Kings was until now the most expensive team, with the ARY Group purchasing it for $2.6m per year for 10 years.

The other teams of PSL Lahore Qalandars, Peshawar Zalmi, Islamabad United and Quetta Gladiators were purchased for $2.5m, $1.6m, $1.5m and $1.1m respectively.

The Schon Group is a Dubai based group, owned by a family which has its roots in Pakistan.

With the inclusion of a sixth team, the number of matches played in the PSL is also set to be increased. PSL Chairman Najam Sethi is aiming to host at least four matches of the PSL's third edition in Pakistan.