A new investor has agreed to acquire more than 90 percent shares of the Sialkot franchise, potentially ending the administrative control previously exercised by the Australian ownership group.
The development follows financial difficulties faced by the Ozi Group after former partners withdrew, leaving the franchise struggling to meet its payment obligations under the agreement.
The Pakistan Cricket Board (PCB) retained the option to cash the bank guarantee and terminate the contract over non payment, though efforts continued to find a negotiated settlement.
Last month, the board sold the seventh Pakistan Super League (PSL) team to Kingsmen for Rs1.75 billion and the eighth team to the Ozi Group for Rs1.85 billion.
While the American company cleared its dues on time, the Australian group encountered financial strain after partners from Sialkot and Switzerland withdrew citing rising bid amounts.
Although the required bank guarantee was eventually submitted, delays in fee payments created uncertainty about the franchise’s contractual standing with the governing board.
An earlier attempt to sell 75 percent shares to another party failed despite press conferences in Lahore and Karachi, as no payment was ultimately received.
Subsequent inquiries by the board revealed that one prospective owner had previously declared bankruptcy, though the newly interested party appears financially stable.
Under league regulations, a complete transfer of shares is not permitted within three years, but a strategic partnership allows substantial equity changes in ownership structure.
Separately, Wasim Akram confirmed he is not serving as franchise president, stating there was no formal agreement and discussions remained limited to verbal communication only.