Mohsin Naqvi during Auction of Sialkot Stallionz (Source: X)
In what appears to be a major development, the ownership issue has taken another turn in PSL’s newly added franchise, Sialkot Stallionz. Less than a month after the new franchise’s bidding, the controversy erupted when the majority shareholder, Mohammad Shahid, alleged that co-owner Hamza Majeed had committed fraud.
In a recent line of events, the new ownership of the Sialkot Stallionz has been confirmed after the OZ group lost the administrative control. The Pakistan-based investment entity, CD Ventures, has bought the 90 % shares of the franchise, taking over the ownership and control from the OZ group.
Amidst all this, the former Pakistan cricket legend Wasim Akram has also confirmed that he will not remain president of the Stallionz.
Sialkot Stallionz to be renamed as ‘Multan Sultans’ in PSL 2026?
What could be more shocking for the Pakistan cricket fans is that the new owners of the franchise might change its name from Sialkot Stallionz to Multan Sultans.
Media reports in Pakistan indicate that the new owners could fulfil their wish to reintroduce Multan Sultans in the PSL by acquiring and renaming the Stallionz, amid the ongoing ownership controversy.
Speaking of the buzz around Stallionz getting renamed, the existing 'Multan Sultans' franchise is set to be renamed by the new owners, Walee Technologies. So, it will clear the way for CD Ventures to change the name of Sialkot Stallionz to Multan Sultans.
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Here’s how the ownership controversy unfolded in Sialkot Stallionz
At the beginning of the year, the OZ group bought the franchise for PKR 185 crore (INR 60.06 crores) on January 8. On January 20, just 12 days after buying the team, one of the owners left the team, prompting OZ group to sell 75% shares in Stallionz to Australia’s Alpha Sports Group on February 9.
On February 18, within nine days of buying the 75% shares from OZ Group, Alpha Sports Group’s owner, Mohammad Shahid, made serious allegations against OZ Group’s Hamza Majeed. Shahid also left the team after issuing a warning of legal action. After the departure of Alpha Sports, the OZ group failed to fulfil the financial obligations.
“I came back to Pakistan after 27 years to invest in my homeland and its growth. Furthermore, I acquired 76 per cent of the shares in Sialkot Stallionz and also provided a bank guarantee from my Australian account, alongside a bank remittance to PCB. But, Hamza Majeed is trying to sell my shares at high prices for more profit, which is illegal,” said Alpha Sports’ owner Muhammad Shahid in a video he shared on social media.
“My lawyers are closely monitoring the situation, and a future course of action will be decided soon. If necessary, a legal action will be taken. I have also informed PCB and PSL management about this issue,” he added later.
Now, it will also be crucial to see whether the new owners make major decisions and changes at the core of the recently added PSL franchise in the tournament or they will continue with the existing structure of the team’s administration.
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