The Pakistan Super League (PSL) franchise Sialkot Stallionz has officially been rebranded as Multan Sultans following a majority takeover by CD Ventures, league officials confirmed on Tuesday.

The announcement was made at a joint press conference in Lahore, attended by PSL chief executive Salman Naseer, franchise owner Hamza Majeed and CD Ventures head Gohar Shah.

CD Ventures has acquired a majority stake in the franchise, which was originally bought by OZ Developers for Rs1.85 billion at the PSL auction held in January. Salman Naseer said the franchise’s annual valuation has now risen to Rs2 billion following the new investment.

“After becoming CEO, Gohar Shah requested a change in the franchise name, and that request has been approved,” Naseer said. “The team will now compete as Multan Sultans.”

Hamza Majeed described the deal as a strategic partnership cleared by both the Pakistan Cricket Board and the PSL.

“With the approval of the PCB and PSL, this partnership has been finalised,” he said. “Gohar Shah has joined us as a strategic partner and will serve as the franchise’s CEO.”

Majeed praised Shah’s enthusiasm, adding that his energy would strengthen the franchise ahead of the new season.

Read: PCB secures biggest media rights deal for HBL PSL

Speculation had surrounded the Sialkot-based team in recent weeks amid reports that OZ Developers had sold a significant portion of their shares following internal changes. Those reports were previously denied, although Majeed had confirmed that discussions with CD Ventures were ongoing.

Speaking at the event, Gohar Shah said reviving the Multan identity was a priority for him, citing the region’s importance to Pakistan cricket.

“A stallion alone cannot win the PSL,” Shah said. “To move forward, a stallion needs a sultan — and we have come as Sultans.”

He also outlined a broader cricketing philosophy he described as “Total Cricket”, aimed at aligning franchise success with the needs of Pakistan cricket. Final decisions on squad balance and playing combinations, he said, would be taken once pre-season preparations begin.

Despite the rebranding, Majeed assured supporters in Sialkot that the franchise would continue to acknowledge its roots.

“We are thankful to Sialkot Stallionz fans for their support,” he said. “Elements of the Stallionz identity will remain part of our campaign, and transport arrangements will be made for fans to attend matches in Multan.”

The change marks a significant development ahead of Pakistan Super League season 11, which is scheduled to begin on March 26 across five venues in Pakistan.