Pakistan Super League Dispute: Owners Clash Over New Franchise Worth Pakistan Rs 185 Crore
The Pakistan Cricket Board (PCB) is grappling with ownership disputes in at least two of the eight franchises in the Pakistan Super League (PSL).
- The PCB is grappling with ownership disputes in at least 2 of the 8 franchises in the PSL
- A dispute has broken out in the newly auctioned Sialkot franchise over majority ownership
- "One of the owners filed a complaint over other partners trying to sell shares without his knowledge": Report
The Pakistan Cricket Board (PCB) is grappling with ownership disputes in at least two of the eight franchises in the Pakistan Super League (PSL), it has been learnt. According to a reliable source aware of developments, a dispute has broken out in the newly auctioned Sialkot franchise over the majority ownership. "One of the owners, Muhammad Shahid has filed a complaint with PSL CEO Salman Naseer that he holds 76% percent shares of the franchise but his other partners who have 24% percent shares are trying to sell shares of the franchise without his knowledge," the source said.
He said that Shahid, a businessmen who resides abroad, had also posted a video on social media in which he said the other minor share holders were trying to making deals without his knowledge and consent and trying to dump more shares then they own.
The Sialkot franchise was bought for Pakistan Rs 185 crore by a consortium which includes Kamil Khan, a close relative of one of Pakistan's former captains, who has no link to the entire matter.
In another complaint one of the original owners of the Lahore Qalandars franchise, Fawad Rana after getting a court verdict in his favor has also filed a complaint with Naseer over majority ownership issues.
Apparently according to court documents he had filed a petition against his brothers, Atif Rana and Sameer Rana in a court, claiming they sold shares belonging to to his company without his knowledge and the court ruled in his favor.Â
The Pakistan Super League (PSL) saw two new teams inducted into the T20 franchise event in January, which until now had six teams. A real estate consortium and a US-based aviation and healthcare conglomerate won the bids for two new Twenty20 franchises in the PSL for $12.75 million (approximately INR 114 crore) on Thursday.
OZ Developers named Sialkot as its new franchise, which it won at auction $6.55 million/INR 58.38 crore. FKS Group from the United States chose Hyderabad after securing the bid for Rs 1.75 billion ($6.2 million/INR 55.57 crore).
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Pakistan Cricket Team