Sialkot Stallionz owner Hamza Majeed says the sale remained subject to regulatory approval. Photo: Sialkot Stallionz/X
The ownership uncertainty surrounding Sialkot Stallionz intensified on Tuesday after franchise owner and OZ Group chairperson Hamza Majeed addressed reports suggesting that 98 per cent of the team’s shares had been sold to CD Ventures.
Speaking at a press conference at the Gaddafi Stadium, Majeed said figures being circulated publicly were inaccurate and speculative.
“I’m honestly surprised and stressed too. Three days ago, it was 75, then 76, then 90, then 98 — and yesterday a friend told me it even hit 99,” Majeed said. “The share dilution in equity will be based on equality. A non-disclosure agreement has been signed by both parties, so I can’t disclose details publicly.”
When asked directly about the reported sale of 98 per cent of shares, Majeed said any development remained subject to regulatory approval.
“As for the name you’re mentioning, it is, God willing, subject to approval. The Pakistan Cricket Board is considering it, and within the next two to three days we will hold a press conference and make all announcements,” he added.
The comments come amid growing uncertainty at the Pakistan Super League side following the departure of senior management figure Kamil Khan, who recently confirmed he had stepped away from the Stallionz.
In a statement shared on social media, Khan said he joined the franchise “out of deep love for Pakistan cricket” and oversaw cricketing operations during a short but eventful period. He pointed to the high-profile signing of Steve Smith, the appointment of former Australia captain Tim Paine, and a commercial partnership with New Balance as early milestones.
“Following certain management decisions and after careful consideration, I decided to step away,” Khan said, adding that the decision had been made earlier but delayed to ensure the franchise was left “in safe hands”.
Sources close to the process say a new party has agreed in principle to acquire more than 90 per cent of Sialkot Stallionz’ shares, which would effectively end OZ Group’s administrative control. The Australian-based consortium has struggled to meet its financial obligations since acquiring the franchise.
The difficulties trace back to last month’s Pakistan Super League auction, when the PCB sold the seventh team to KingsMen for Rs1.75 billion, while the eighth franchise was awarded to OZ Group for Rs1.85 billion. While KingsMen paid on time, OZ Group faced setbacks after two partners withdrew during the bidding process, citing concerns over the escalating price.
Although a delayed bank guarantee prevented immediate termination, attempts to sell a 75 per cent stake to another investor failed to materialise, despite press conferences being held in Lahore and Karachi.
Under PSL regulations, a full transfer of ownership is not permitted within the first three years, meaning any incoming investor would operate as a strategic partner. Sources say the PCB’s own checks revealed one existing owner had previously declared bankruptcy, while the prospective new partner is believed to be financially stable. An official announcement is expected next week.
Former Pakistan captain Wasim Akram had also confirmed he is no longer serving as Sialkot Stallionz president, saying no formal agreement was signed and discussions never went beyond phone calls.
With the new PSL season approaching, the unfolding situation highlights the growing pains of the league’s expansion — and the urgent need for stability at Sialkot Stallionz.
