The Sialkot Stallionz ownership saga has become one of the most talked-about stories in Pakistan Super League (PSL) history. As a brand-new franchise added to the expanded eight-team PSL for the 2026 season, the team has already gone through dramatic changes in control before playing even one competitive match.
With the current date being February 24, 2026, and PSL 11 set to begin in March, here’s a clear explanation of how this unfolded.
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The Record-Breaking Start in the Auction
Everything began on January 8, 2026, when the Pakistan Cricket Board (PCB) auctioned off rights for two new PSL franchises to grow the league. The Sialkot-based team, named Sialkot Stallionz, was won by OZ Developers—a group led by Hamza Majeed and Kamil Khan—for a staggering PKR 1.85 billion (around USD 6.55 million).
This made it one of the most expensive franchises in PSL history at the time. The purchase promised to bring cricket excitement and economic boost to the Sialkot region, with matches likely hosted at venues like Iqbal Stadium in Faisalabad while local facilities are upgraded.
Financial Troubles Emerge Right Away
Problems surfaced almost immediately after the auction. Some partners in OZ Developers reportedly withdrew due to concerns over the extremely high bid price, leaving the group short on funds. OZ struggled to fulfill full financial commitments to the PCB, including timely payments and guarantees, even after submitting a delayed bank guarantee.
To address the cash crunch, OZ attempted to sell a major portion—around 75%—of the franchise to Alpha Sports Group, an Australia-based company owned by Muhammad Shahid (a US-based businessman).
A Public and Messy Ownership Dispute
The attempted deal with Alpha Sports quickly fell apart, igniting a heated public controversy in mid-February 2026. Muhammad Shahid released viral videos and filed a formal complaint with PSL officials, claiming he already held a 76% stake through earlier arrangements.
He accused Hamza Majeed (and the remaining OZ side) of trying to sell shares without proper consent or authority, labeling it as potential fraud and threatening legal action.
OZ Developers strongly rejected these claims, stating that no formal agreements, share transfers, or payments were ever completed with Alpha. They described the accusations as misleading and insisted the matter did not affect the franchise’s PSL status. The back-and-forth spread rapidly on social media, creating significant embarrassment for the league just weeks before the season.
Key Departures Amid the Chaos
The instability led to prominent exits. Legendary Pakistan cricketer Wasim Akram was briefly named franchise president during the Alpha discussions for added star appeal, but he stepped down quickly, confirming no signed contract existed and citing the ongoing ownership conflicts.
Kamil Khan, one of the original OZ co-owners, also announced his complete departure on February 22, 2026. In a public statement, he explained that he joined out of passion for Pakistan cricket and contributed to early efforts like player signings (including Steve Smith) and partnerships.
However, recent management changes and internal decisions made his continued involvement impossible. He wished the team success moving forward.
New Control Under CD Ventures
With OZ Group’s financial situation deteriorating—some reports described the group as effectively bankrupt or unable to meet obligations—control shifted decisively. On February 22, 2026,
CD Ventures (led by Gohar Shah, a group that had bid aggressively in the original auction, including a high offer for Multan Sultans rights) acquired approximately 98% of the Sialkot Stallionz shares. Some updates even suggest it reached 99%, with the remaining tiny stake (1-2%) held symbolically by OZ Developers.
PSL regulations prevent a full 100% ownership transfer within the first three years, so CD Ventures operates as the primary strategic partner with full administrative and operational authority. This effectively ends OZ’s day-to-day control ahead of PSL 11.
What This Means for the League and Fans
This rapid series of events—essentially the franchise changing hands twice in under two months—has raised serious concerns. Critics question the PCB’s due diligence in vetting high-value bidders and ensuring financial stability for new franchises. It highlights potential weaknesses in the PSL’s business model during expansion.
For fans, the drama could impact sponsorship deals, team preparations, player morale, and overall excitement. There’s ongoing speculation about whether the team will keep its “Sialkot Stallionz” name, logo, and identity under the new owners, or face rebranding—some rumors even link it to reviving the “Multan Sultans” branding due to separate changes in that franchise, though nothing is confirmed.
In essence, what started as an exciting new chapter for Sialkot cricket quickly became a tale of financial strain, broken partnerships, public accusations, and swift leadership changes. Now, with CD Ventures in charge, the focus hopefully shifts to on-field success in PSL 11, but the episode serves as a reminder of the challenges in managing big-money sports franchises.
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After completing my Engineering from Bahauddin Zakriya University Multan, I started my freelancing career. Then I started writing News and blogs for different News agencies like Mobile Fun and Urdu Geo News.
