Multan Sultans return to PSL with increased valuation as Stallionz get shelved

One of the two new Pakistan Super League (PSL) franchises, Sialkot Stallionz, has been rebranded as Multan Sultans for the upcoming season. OZ developers, the consortium that owned Sialkot, have transferred a majority of their stakes to a new party, CD Ventures, which requested the renaming.

Who are CD Ventures?

Interestingly, CD Ventures were the underbidders at the Multan Sultans Auction last month, where Walee Technologies bought the franchise and moved it to Rawalpindi. Gohar Shah, who led the CD Ventures in the bidding process, was reportedly in talks with Stallionz shortly after the auction.

PSL’s CEO, Salman Naseer, confirmed that the brand valuation of the franchise, which was already the league’s second-most expensive team, having been sold for PKR 1.85 billion, has now increased to PKR 2 billion following the transfer of stakes.

Why did previous owners sell the stakes?

Earlier, there were reports that Stallionz were in a financial crunch after two investors from the original consortium pulled out following the auction, citing a sharp increase in the bid price.

However, the owner, Hamza Majeed, profusely denied the claims in a press conference, although he did hint at a discussion with CD Ventures. While the exact percentage of stakes sold remains unclear, PCB regulations do not permit a full 100 per cent transfer of ownership within the first three years.

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