India, Dec. 25 -- Pakistan Super League's planned jump to an eight-team competition has drawn a stronger-than-expected investor rush, with 12 parties formally submitting bids for the league's two new franchises after the deadline was pushed back to December 24.

The Pakistan Cricket Board said in a media release that the bids came from five countries, the United States, Australia, Canada, the UAE, and Pakistan, underlining the league's widening commercial footprint beyond its traditional base.

The PCB has mapped out a two-stepped route to the finish line. First, it will announce the outcome of the current phase on December 27. Then, only the technically qualified parties will be invited to the next stage, and open competition bidding pro...