Sialkot Stallionz proprietor Hamza Majeed says the sale remained topic to regulatory approval. Photograph: Sialkot Stallionz/X
The possession uncertainty surrounding Sialkot Stallionz intensified on Tuesday after franchise proprietor and OZ Group chairperson Hamza Majeed addressed studies suggesting that 98 per cent of the workforce’s shares had been offered to CD Ventures.
Talking at a press convention on the Gaddafi Stadium, Majeed mentioned figures being circulated publicly had been inaccurate and speculative.
“I’m truthfully shocked and pressured too. Three days in the past, it was 75, then 76, then 90, then 98 — and yesterday a buddy informed me it even hit 99,” Majeed mentioned. “The share dilution in fairness will likely be based mostly on equality. A non-disclosure settlement has been signed by each events, so I can’t disclose particulars publicly.”
When requested straight concerning the reported sale of 98 per cent of shares, Majeed mentioned any improvement remained topic to regulatory approval.
“As for the title you’re mentioning, it’s, God prepared, topic to approval. The Pakistan Cricket Board is contemplating it, and throughout the subsequent two to a few days we’ll maintain a press convention and make all bulletins,” he added.
The feedback come amid rising uncertainty on the Pakistan Tremendous League facet following the departure of senior administration determine Kamil Khan, who just lately confirmed he had stepped away from the Stallionz.
In an announcement shared on social media, Khan mentioned he joined the franchise “out of deep love for Pakistan cricket” and oversaw cricketing operations throughout a brief however eventful interval. He pointed to the high-profile signing of Steve Smith, the appointment of former Australia captain Tim Paine, and a business partnership with New Steadiness as early milestones.
“Following sure administration selections and after cautious consideration, I made a decision to step away,” Khan mentioned, including that the choice had been made earlier however delayed to make sure the franchise was left “in secure palms”.
Sources near the method say a brand new get together has agreed in precept to amass greater than 90 per cent of Sialkot Stallionz’ shares, which might successfully finish OZ Group’s administrative management. The Australian-based consortium has struggled to satisfy its monetary obligations since buying the franchise.
The difficulties hint again to final month’s Pakistan Tremendous League public sale, when the PCB offered the seventh workforce to KingsMen for Rs1.75 billion, whereas the eighth franchise was awarded to OZ Group for Rs1.85 billion. Whereas KingsMen paid on time, OZ Group confronted setbacks after two companions withdrew in the course of the bidding course of, citing issues over the escalating worth.
Though a delayed financial institution assure prevented instant termination, makes an attempt to promote a 75 per cent stake to a different investor didn’t materialise, regardless of press conferences being held in Lahore and Karachi.
Beneath PSL laws, a full switch of possession is just not permitted throughout the first three years, which means any incoming investor would function as a strategic accomplice. Sources say the PCB’s personal checks revealed one present proprietor had beforehand declared chapter, whereas the potential new accomplice is believed to be financially steady. An official announcement is predicted subsequent week.
Former Pakistan captain Wasim Akram had additionally confirmed he’s now not serving as Sialkot Stallionz president, saying no formal settlement was signed and discussions by no means went past telephone calls.
With the brand new PSL season approaching, the unfolding scenario highlights the rising pains of the league’s growth — and the pressing want for stability at Sialkot Stallionz.
