Sialkot Stallionz owner debunks bankruptcy claims, hints at major stakes sale

Hamza Majeed, owner of Sialkot Stallionz, has rejected claims that OZ Developers, through which he bought the franchise, have been declared bankrupt. 

OZ developers aren’t bankrupt

Reports of the entity’s bankruptcy emerged after news of the franchise’s 98% stake sale surfaced, following which Sialkot’s co-owner, Kamil Khan, stepped down from the management, further fuelling the speculation.

While Majeed hinted that the sale of a majority stake may be true, he stopped short of confirming it, citing a non-disclosure agreement with the new party. Unverified reports claimed that Majeed could not fulfil financial obligations after two members of the conglomerate backed out following the auction. An attempt to raise funds by selling a 75% stake in the franchise reportedly backfired, leaving the entity in a financial crunch.

Amid this, a video by a man named Mohammad Shahid, who claimed to be the co-owner of the franchise, made the rounds on the internet. Shahid alleged that Majeed tried to sell the team’s shares without the PCB’s approval.

Franchisee fee submitted

However, in his latest statement, Majeed dismissed the claims and disclosed that the franchise fee for the first year has been submitted.

“By the grace of Almighty Allah, on January 15, I submitted all my financial obligations to the PCB. There is also the allegation that I am bankrupt, that I do not have money,” said Majeed.

“From January 15, the PCB has submitted the bank guarantee of my first year’s franchise fee,” he added.

“On top of it, there is a three-year corporate guarantee. What is a corporate guarantee? I have confirmed in a three-year corporate guarantee that I am capable of paying it for three years. I can do it,” Majeed stressed.

“For me, it was a baseless allegation that my reputation is being questioned, that I am bankrupt, and that I do not have money in the bank. It is totally baseless.”

It is understood that the incoming party, which bought 98% stakes of the franchise, is CD Ventures, the underbidders during the Multan Sultans auction. 

ALSO READ:

Preliminary schedule for PSL 11 revealed- IPL