India, Feb. 13 -- Seasoned Australian batter Steve Smith fetched PKR 14 crore as a direct signing in the revamped 11th edition of the Pakistan Super League, making him the most expensive player in the league's history. Smith, who is on his way to replace the injured Mitchell Marsh in Australia's World T20 Cup squad, was bought by the new franchise Sialkot Stallions for approximately $500,000. The PSL has expanded to eight teams from six, with the Pakistan Cricket Board introducing a players' auction system for the first time, replacing the draft format that had been in place for the last decade.

The auction held in Lahore on Wednesday saw some notable overseas players, including David Warner, Adam Zampa, Daryl Mitchell, Mark Chapman, Mus...