A major change is coming in the ownership of Team Sialkot. A new party has agreed to purchase more than 90 per cent shares of the franchise, which could completely shift control from OZ Group.
The Pakistan Cricket Board had earlier sold the seventh PSL team to KingsMen for Rs1.75 billion and the eighth team to OZ Group for Rs1.85 billion. While KingsMen cleared its payments on time, OZ Group soon started facing financial problems.
Sources said that during the bidding process, prices kept rising quickly. This created panic among OZ Group’s partners. A break was taken during the bidding to inform both partners on the phone. After winning the bid, two partners, one from Sialkot and one from Switzerland, stepped back, saying the amount was too high.
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OZ Group submitted its bank guarantee after a delay and barely avoided cancellation of the agreement. Even after that, it struggled to pay the franchise fee.
At one stage, it was announced that 75 per cent shares had been sold to a new buyer, Muhammad Shahid. Press conferences were held in Lahore and Karachi, but no payment was received. When funds did not arrive, the search for another investor began.
The party that was first approached later made serious allegations. The PCB had the option to encash the bank guarantee and cancel the contract. However, it chose to look for a middle solution.
Now, sources say a party that had earlier failed in the bidding process has agreed to buy more than 90 per cent shares. Under the rules, a full 100 per cent transfer is not allowed before three years. The new group will come in as a strategic partner, but OZ Group’s administrative control will effectively end.
During its own review, the PCB reportedly found that one of the previous owners had declared bankruptcy in the past. In contrast, the new party is said to be financially strong. An official announcement is expected next week.
Meanwhile, former Pakistan captain Wasim Akram has confirmed that he is no longer associated as president of Sialkot Stallions. He clarified that no written agreement was signed and that discussions were only held over the phone.
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Earlier, his video statement was played during a press conference, and there were claims that he had been offered 10 per cent shares. However, this could not be independently confirmed.
The situation has raised many questions about the bidding process, financial checks, and future stability of the franchise.
