KARACHI:

A new party has agreed to purchase 90 per cent shares of Team Sialkot. The OZ Group was facing financial difficulties in fulfilling its obligations after the withdrawal of its previous partners.

Meanwhile, Wasim Akram confirmed that he is no longer the president of Sialkot Stallions.

According to details, last month the PCB sold the seventh PSL team to KingsMen, for Rs 1.75 billion, while the eighth team was sold to OZ Group for Rs 1.85 billion. The American company paid its dues on time; however, the Australian group faced financial difficulties.

Sources revealed that during the bidding process, as the bids kept increasing, OZ Group’s partners became concerned. A break was taken during the bidding to inform both partners by phone about the situation. After winning the bid, both partners — one from Sialkot and the other from Switzerland — withdrew, citing the high amount as the reason.

Read: Kingsmen sign Glenn Maxwell for HBL PSL11

OZ Group submitted the bank guarantee after a significant delay, narrowly avoiding termination of the agreement. However, it continued to face difficulties in paying the franchise fee. In this situation, it was agreed to sell 75 per cent shares to a new party. A press conference was even held in Lahore and Karachi without receiving any payment from the new owner, Muhammad Shahid. When no funds were received, the search for another partner began.

The party that had initially been approached later made serious allegations. In this scenario, the PCB had the option to encash the bank guarantee and cancel the agreement, but efforts were made to find a middle ground.

Sources say that a party that had failed in the bidding process has now agreed to purchase more than 90 percent shares. This would end OZ Group’s control over administrative matters. Under regulations, a 100 per cent transfer of shares is not possible before three years. The new party would come in as a strategic partner.

Sources further revealed that when the PCB conducted its own investigation, it discovered that one of the owners had previously declared bankruptcy. However, the new party appears financially stable. An announcement is expected next week.

Read more: Naseem, Fahim and Mitchel emerge as most expensive players in HBL PSL-11 auction

On the other hand, the company that had claimed to purchase 75 per cent shares had appointed Wasim Akram as the franchise president. However, he is no longer holding that position. When contacted, Wasim Akram confirmed this, stating that no agreement was signed and that discussions were only held over the phone.

It is worth mentioning that a video statement of Wasim Akram was also played during the press conference. Some circles claimed that he was also offered 10 per cent shares, but this could not be confirmed.