LAHORE: Pakistan Super League (PSL) franchise Sialkot Stallions has been officially renamed Multan Sultans following a majority takeover by CD Ventures, PSL chief executive Salman Naseer confirmed on Tuesday.
The announcement was made during a joint press conference attended by Naseer, owner Hamza Majeed and CD Ventures Chairman Gohar Shah.
CD Ventures has acquired a majority stake in the franchise which was originally bought by OZ Developers for Rs 1.85 billion in the PSL auction in January.
Following recent developments, Nasir informed that the owner’s valuation has increased to RM2 billion annually.
“After becoming CEO, Gohar Shah requested to change the owner’s name and that request was accepted,” Naseer said.
“Sialkot Stallions will now compete as Multan Sultans.”
Majeed described the arrangement as a strategic partnership approved by both Pakistan Cricket Board (PCB) and PSL.
“With the approval of PCB and PSL, this strategic partnership has been finalised,” Majeed said. “Gohar Shah of CD Ventures is now our strategic partner and will serve as CEO of the franchise going forward.”
He appreciated Shah’s enthusiasm and said: “Gohar Shah’s passion and drive is more than mine. I am happy to see his energy and welcome him to our league.”
Speculations swirled around the Sialkot franchise in recent weeks that OZ Developers had offloaded a substantial portion of their stake after one of their shareholders pulled out after the PSL auction.
There were unverified claims of financial problems within the parent company, which Majeed publicly denied last week, only confirming that discussions with CD Ventures were ongoing.
Speaking at a press conference, Gohar Shah confirmed that he had officially joined as CEO and expressed his desire to restore South Punjab’s representation in the league.
“A stallion alone cannot win the PSL. To progress, a stallion needs a Sultan and we have come as Sultans,” he remarked.
He also said that retaining the identity of Multan is important to him.
“My wish is that the name Multan Sultans should last, it is very important to me,” he said.
Shaw outlined his broader cricketing vision, which he called “Total Cricket”.
“Pakistan has to play cricket to meet the needs of cricket. In my opinion, the team selected is right. Final decisions on playing eleven and other things will be taken once the camp starts,” he added.
Despite the name change, Majeed assured Sialkot supporters that their support would not be ignored.
“We are grateful for the support of Sialkot Stallions fans,” he said. “An element of the Stallions identity is still visible in our campaign.”
He also confirmed that transport arrangements will be made for Sialkot supporters to attend Multan Sultan matches during the season.
The rebranding marks a significant change ahead of PSL Season 11, which is scheduled to begin on March 26 across five venues in the country.
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