The ownership structure of a Pakistan Super League expansion franchise has come under sharp focus — but its principal backer says the bankruptcy narrative is fiction.
Speaking at a press conference in Lahore, Sialkot Stallionz owner Hamza Majeed categorically denied reports suggesting that OZ Developers had gone bankrupt after securing the franchise for PKR 1.85 billion (approx. US$ 6.6 million) at the PSL teams auction.
Financial obligations and bank guarantees addressed
Speculation intensified in recent weeks following claims that OZ Developers had offloaded as much as 98 per cent of its shares after one partner withdrew shortly after the auction. The situation escalated further when co-owner Mohammad Shahid alleged in a video statement that his Alpha Sports Group now controls 76 per cent of the franchise and that shares had been transferred without prior Pakistan Cricket Board approval.
Amid the swirl of reports, Majeed moved to clarify his financial position.
“By the grace of Almighty Allah, on 15th January, I submitted all my financial obligations to PCB. There is also the allegation that I am bankrupt, I don’t have money,” he said at the press conference.
He directly challenged the basis of the default narrative, adding, “O people of Allah, what are you doing? Did PCB tell you that I am in default? Did any bank tell you that I am in default? From 15th January, PCB has submitted the bank guarantee of my first year’s franchisee fees,” reinforcing his claim that the board had already secured the required financial instruments.
Three-year corporate guarantee in place
Beyond the first-year payment, Majeed disclosed that the franchise’s long-term financial commitments had also been formalised.
“On top of it, there is a three-year corporate guarantee. What is a corporate guarantee? I have confirmed them in a 3-year corporate guarantee that I am capable of paying it for 3 years. I can do it,” he stressed, positioning the guarantee as evidence of sustained solvency.
The PSL franchise market has been particularly competitive, with Walee Technologies securing Multan Sultans — now rebranded as Pindiz — for PKR 2.45 billion (approx. US$ 8.8 million) at a separate auction, after CD Ventures failed in its bid. Subsequent media reports suggested CD Ventures could instead acquire the Stallionz, fueling further uncertainty around OZ Developers’ financial health.
Reputation under scrutiny
Majeed described the bankruptcy narrative as damaging to both his standing and the franchise’s credibility.
“For me, it was a baseless allegation that my reputation is being questioned, that I am bankrupt, and that I don’t have money in the bank. It is totally baseless.”
While confirming that discussions with CD Ventures are ongoing, he declined to disclose specifics, citing a Non-Disclosure Agreement between the parties.
For now, the Stallionz ownership dispute remains a live issue within the PSL ecosystem — but according to Majeed, the financial foundations of the PKR 1.85 billion (approx. US$ 6.6 million) acquisition remain intact, backed by submitted obligations and a three-year corporate guarantee lodged with the PCB.
