Sialkot Stallionz owners sell 98% stakes amid financial crunch reports

OZ Developers, which bought the new Pakistan Super League (PSL) franchise Sialkot Stallionz for PKR 1.85 billion, is understood to no longer be the team’s owner. Reportedly, two investors from the consortium pulled out following the auction, where the franchise was bought for a staggering USD 1.85 billion, citing a sharp increase in the bid price. Sources disclosed that one of the existing owners had previously filed for bankruptcy. 

Attempts at raising the funds

Following the withdrawal, the franchise narrowly escaped termination after an initial delay in scheduled payment to the Pakistan Cricket Board (PCB). The reports further revealed that the OZ Group owner, Hamza Majeed, attempted to sell a 75% stake in the team to another Australia-based company, Alpha Sports Group. However, the deal did not apparently hold up.

Adding to the owner’s problems, a man named Mohammad Shahid, who claimed to be Sialkot’s co-owner, alleged that he was fraudulently sold shares in Sialkot by Majeed, though the latter profusely denied the claims.

CD Ventures could be the new owners

However, a fresh development reveals that OZ Developers have sold a 98% stake in Sialkot to CD Ventures, the underbidder during the Multan Sultans auction. Under PCB regulations, a full 100 per cent transfer of ownership is not permitted within the first three years.

While the transfer has not yet officially been confirmed, Sialkot Stallionz co-owner Kamil Khan announced stepping down in an X (formerly Twitter) post, hinting at the change of control.

“However, following certain management decisions and after careful consideration, I decided to step away. Although this decision was made some time ago, I wanted to ensure Sialkot Stallionz was in safe hands before formally departing. As a result, my journey with the Stallionz now comes to an end. I wish everyone involved all the very best.”

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