'Baseless allegation': Stallionz's owner Hamza Majeed rebuffs bankruptcy claims

LAHORE: Sialkot Stallionz's owner Hamza Majeed categorically dismissed recent reports claiming OZ Developers to be bankrupt after acquiring the franchise for a staggering Rs 1.85 billion at the star-studded teams auction of the Pakistan Super League (PSL).

The rumours have been rife regarding the franchise that its parent company, OZ Developers, has sold as much as 98 per cent of its share after one of its partners withdrew just days after the auction.

The controversy erupted earlier this month after co-owner Mohammad Shahid, in a video statement, claimed that his Alpha Sports Group now holds 76 per cent shares of the franchise, while alleging that Majeed had sold the shares without consent or approval by the Pakistan Cricket Board (PCB).

Later, reports within the national media emerged, claiming OZ Developers to be bankrupt and that the Stallionz would be acquired by CD Ventures, who failed to acquire Multan Sultans, now rebranded as Pindiz, at a separate auction, during which Walee Technologies prevailed with a whopping bid of Rs2.45 billion.

Meanwhile, OZ Developers' owner Majeed eventually addressed the rumours during a press conference earlier today, dismissing the claims of bankruptcy and asserting that he had fulfilled his financial obligations to PCB last month.

He also expressed disappointment over false information being spread on social media, urging the publishers to verify the information beforehand from credible sources.

"By the grace of Almighty Allah, on 15th January, I submitted all my financial obligations to PCB. There is also the allegation that I am bankrupt, I don't have money," said Majeed at the

"O 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? From 15th January, PCB has submitted the bank guarantee of my first year's franchisee fees," he added.

Majeed further shared that he has given the PCB a three-year corporate guarantee, which affirms his capabilities of making the required payments for the aforementioned period.

"On top of it, there is a three-year corporate guarantee. What is a corporate guarantee? I have confirmed them in a 3-year corporate guarantee that I am capable of paying it for 3 years. I can do it," Majeed stressed.

"For me, it was a baseless allegation that my reputation is being questioned, that I am bankrupt, and that I don't have money in the bank. It is totally baseless."

Majeed then went on to announce that the details of their partnership with CD Ventures would be announced in due course, clarifying that he could not comment further on the matter due to a Non-Disclosure Agreement (NDA) being in place between the two parties.