PSL expansion marred by disputed financing and conflicting ownership claims

The Pakistan Super League’s (PSL) expansion has run into controversy after serious questions emerged over the financial backing and ownership of the newly awarded Sialkot Stallionz franchise, including a disputed bank guarantee, conflicting ownership claims and the absence of public clarification from the Pakistan Cricket Board (PCB).

The franchise was awarded on January 8, 2026, during the PSL expansion auction held at Islamabad's Jinnah Convention Centre. Hamza Majeed and Kamil Khan of OZ Developers secured the team with a PKR 1.85 billion bid, exceeding the base price of PKR 1.70 billion.

Under PSL regulations, franchise owners are required to deposit approximately 75% of the bid amount upfront, with the remaining 25% payable within two months. According to sources familiar with the process, the upfront payment was not deposited within the stipulated timeframe, prompting OZ Developers to seek outside investors.

Alfa Group partnership and bank guarantee

Following the auction, OZ Developers entered into negotiations with Australia-based Alfa Group, represented by Muhammad Shahid. Under the proposed arrangement, according to sources, Alfa Group would hold 76% ownership, while OZ Developers would retain 24%.

To support the PKR 1.85 billion franchise fee, Alfa Group submitted a corporate bank guarantee dated February 17, 2026, purportedly issued by National Australia Bank (NAB), according to documents reviewed by sources.

PCB subsequently issued a payment advice confirmation in the name of M/s Alfa OZ Sports for the Sialkot Stallionz, with the understanding that a novation agreement would be executed once funds were realized, sources said.

A copy of the invoice shared by PCB to M/S Alfa OZ Sports for the payment made. Nukta

However, the authenticity of the bank guarantee later became disputed.

Sources told Nukta that concerns about the guarantee were raised internally weeks after the January 8 auction, though it remains unclear who first flagged the issue or whether the document was formally rejected by PCB.

A copy of the receipt shared by PCB with M/S Alfa OZ Sports for the payment made to acquire Sialkot Stallianz.Nukta

Nukta contacted National Australia Bank seeking verification of the guarantee. The bank did not confirm issuing the instrument, nor did it provide details regarding its authenticity. NAB did not explicitly declare the document forged.

As a result, the status of the guarantee remains unverified, rather than formally declared fraudulent.

Public dispute over ownership

The dispute escalated publicly when Muhammad Shahid released a video statement claiming he had signed an agreement at PCB headquarters and legally acquired 76% ownership of the franchise. He accused Hamza Majeed of attempting to sell shares to third parties.

Muhammad Shahid (C) and Hamza Majeed (2nd from right) pose for a picture with others at the Sialkot Stallionz launch ceremony held at Mövenpick Hotel, Karachi, on February 14, 2026.Nukta

In a direct conversation with Nukta, Shahid denied submitting a forged document. He said he halted the payment transfer on the advice of PSL CEO Salman Naseer during a conference call, after concerns were raised about the absence of 'Form D' - a regulatory document required to formalize partnerships.

Shahid also alleged that during a visit to Pakistan, he received a life-threatening phone call pressuring him to withdraw from the deal. He said he filed an FIR with local police, though no copy of the complaint was shared with Nukta.

Hamza Majeed rejected Shahid’s claims, stating publicly on social media that no payments were made to PCB or PSL and that no binding agreement was signed, calling the allegations false.

Sudden ownership transfer

Amid the unresolved dispute, OZ Developers reportedly transferred 99% of the franchise’s shares to CD Ventures, owned by Gohar Shah, within weeks of the auction.

PCB has not publicly clarified:

• Whether the original franchise fee was secured
• Whether ownership transfers were approved
• Or on what basis the transaction was permitted

Public announcements despite uncertainty

Despite unresolved financial questions, the franchise moved ahead with high-profile announcements.

Wasim Akram was announced as president of the Sialkot Stallionz, reportedly with an equity stake. A launch ceremony was held at the Mövenpick Hotel Karachi on February 14, 2026, where Akram joined via video link. Former Australian captain Tim Paine was announced as head coach.

Both appointments were publicly promoted by the franchise, though neither the PCB nor PSL has issued official confirmation of their contracts. It remains unclear whether signing bonuses were paid, and from which accounts, if any.

Neither Akram nor Paine has publicly commented on the financial or ownership dispute.

Right to reply and official silence

Nukta sought comments from Pakistan Cricket Board spokesperson Aamir Mir, who declined to comment on the matter and referred queries to Pakistan Super League CEO Salman Naseer.

Multiple attempts to contact Naseer went unanswered. PCB Chairman Mohsin Naqvi was also approached but did not respond.

As of publication, PCB has issued no official statement addressing the disputed guarantee, ownership claims, or the franchise’s financial compliance, weeks after the January 8 auction.

With competing claims, unresolved documentation, and rapid ownership changes, the Sialkot Stallionz case raises broader questions about due diligence, financial safeguards, and governance standards in the PSL’s expansion process.