In a dramatic turn of events, around 90% of Team Sialkot’s shares are reportedly ready to be sold to a new party, as OZ Group struggles with financial and administrative challenges following the withdrawal of former partners.
The move comes amid delays in fee payments, failed bids, and serious allegations, putting the future of the PSL franchise under intense scrutiny.
In case of non-payment, the board has the option to cash the bank guarantee, and progress on this matter is expected to be revealed next week.
Meanwhile, Wasim Akram confirmed that he is no longer the president of Sialkot Stallions. According to him, there was no formal agreement; only verbal discussions took place.
According to details, last month the PCB sold the seventh PSL team, Kingsmen, for PKR 175 crore, while the eighth team, OZ Group, was sold for PKR 185 crore. The US-based company paid on time, but the Australian group faced financial challenges.
Reports revealed that during the auction, as bids kept rising, OZ’s partners became concerned. After a brief pause, both were informed over the phone about the situation. When the bid won, partners from Sialkot and Switzerland withdrew, justifying their exit due to the high amount.
OZ Group later submitted the bank guarantee after considerable delay, preventing the termination of the agreement.
However, they continued to face difficulties in paying the fees. At this point, an agreement was made to sell 75% of the shares to a new party. A press conference was even held in Lahore and Karachi in coordination with the new owner, Mohammad Shahid, without receiving any funds. When nothing materialized, the search for a new partner resumed, during which serious allegations were made by the initially approached party.
It should be noted that PCB had the option to cash the bank guarantee and terminate the agreement, but attempts were made to find a middle ground.
