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LAHORE: Pakistan Super League (PSL) franchise Sialkot Stallionz owner Hamza Majeed rejected reports suggesting that OZ Developers had gone bankrupt after securing the team for Rs 1.85 billion.
Speculation surrounding the franchise intensified in recent weeks, with claims circulating that the parent company had offloaded as much as 98 per cent of its shares following the withdrawal of one of its partners soon after the PSL auction.
The controversy deepened when co-owner Mohammad Shahid, in a video statement, alleged that his Alpha Sports Group now holds a 76 per cent stake in the franchise and accused Majeed of transferring shares without prior consent or approval from the Pakistan Cricket Board (PCB).
Subsequent media reports went further, claiming that OZ Developers was facing bankruptcy and that the franchise would be taken over by CD Ventures.
Addressing the matter at a press conference in Lahore, Majeed dismissed the allegations in unequivocal terms, insisting that he had met all financial commitments to the PCB.
“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, that I don’t have money,” Hamza Majeed said.
Questioning the basis of the reports, he added, “Did PCB tell you that I am in default? Did any bank tell you that I am in default? PCB has submitted the bank guarantee of my first year’s franchise fee.”
Majeed further revealed that he has provided a three-year corporate guarantee to the board, assuring his capacity to fulfil the financial requirements over the agreed period.
“On top of it, there is a three-year corporate guarantee. I have confirmed that I am capable of paying it for three years. I can do it,” he stressed.
Calling the claims damaging and unfounded, Majeed described the bankruptcy narrative as a “baseless allegation” that unfairly questioned his credibility and financial standing.
He also expressed disappointment over what he termed misinformation being circulated on social media and urged media outlets to verify facts with relevant authorities before publishing such reports.
Regarding the reported involvement of CD Ventures, Majeed confirmed that discussions are ongoing but refrained from disclosing details, citing a Non-Disclosure Agreement (NDA) between the parties.
