LAHORE: Sialkot Stallionz owner Hamza Majeed categorically dismissed recent reports that OZ Developers had gone bankrupt after bidding for Pakistan Super League’s (PSL) star teams for Rs 1.85 billion.
Its parent company OZ Developers is rumored to have sold 98 percent of its stake after one of its shareholders pulled out days after the auction.
Controversy erupted earlier this month after co-owner Mohammad Shahid said in a video statement that his Alpha Sports Group now owns 76 percent of the franchise, alleging that Majeed sold the stake without the approval or permission of the Pakistan Cricket Board (PCB).
Later, news broke in the national media that OZ Developers had gone bankrupt and Stallions would be acquired by CD Ventures, Multan Sultans, now rebranded as Bindis, in a separate bid by Wally Technologies for Rs2.45 billion.
Meanwhile, OZ Developers owner Majeed, who addressed the rumors during a press conference earlier today, dismissed claims of bankruptcy and confirmed that he had fulfilled his financial obligations to the PCB last month.
Expressing dismay at the spread of false information on social media, he urged publishers to first verify information from reliable sources.
“By the grace of Almighty Allah, on January 15, I submitted all my financial obligations to the PCB. I am bankrupt and I have no money,” said Majeed.
“People of Allah, what are you doing? Did PCB tell you that I am in default? Did any bank tell you that I am in default? Since January 15, PCB has submitted a bank guarantee for my first year’s franchise fee,” he added.
Majeed further shared that he has given PCB a corporate guarantee of three years, assuring his ability to make the required payments for the aforementioned period.
“On top of this, there is a three-year corporate warranty. What is a corporate warranty? I assured them that I can pay for it for 3 years on a 3-year corporate warranty. I can do that,” asserted Majeed.
“For me, it’s a baseless allegation that my reputation is being questioned, I’m bankrupt, I don’t have money in the bank. It’s completely baseless.”
Majeed announced that details of their partnership with CD Ventures would be announced in due course, clarifying that he could not comment further on the matter as there was a non-disclosure agreement (NDA) between the two parties.