Sources have confirmed that 90 percent of shares in the Team Sialkot franchise are expected to be acquired by a new party, as the OZ Group struggled to meet financial obligations following the withdrawal of former partners.
The Pakistan Cricket Board (PCB) had sold its seventh and eighth PSL teams last month, with Kingsmen purchased for Rs1.75 billion and the OZ Group franchise for Rs1.85 billion. While the American-backed team made timely payments, the Australian-backed OZ Group faced delays in fulfilling its financial commitments.
During the auction, rising bids reportedly caused concern among OZ Group partners, leading two partners from Sialkot and Switzerland to withdraw, citing the high price.
Although the franchise submitted its bank guarantee late, the agreement was not immediately terminated. Efforts to find a new partner began after partial payments were delayed, despite a press conference being held in Lahore and Karachi.
A party that initially failed in the bidding process has now agreed to acquire over 90 percent of the shares, effectively ending OZ Group’s administrative control. PCB retains the option to cash the bank guarantee and cancel the franchise agreement if necessary. Legal rules prevent full transfer of shares within three years, allowing a strategic partner to step in.
In related developments, former Pakistan cricket captain Wasim Akram confirmed he is no longer president of the Sialkot franchise. No formal agreement had been signed, and discussions were limited to verbal communication. Reports that Akram was promised a 10 percent stake could not be independently verified.
Sources say PCB investigations revealed that one of the previous owners had a history of bankruptcy, while the new prospective partner appears financially stable. An official announcement regarding the transfer is expected next week.
