'Baseless Allegation' – Sialkot Stallionz Owner Hamza Majeed Dismisses Bankruptcy Rumors

The owner of Sialkot Stallionz, Hamza Majeed, dismissed all the rumors about his bankruptcy that were previously circulating in the media. He said all the reports related to OZ Developers’ bankruptcy are completely false and that he fulfilled all his financial obligations to the PCB last month.

A few days ago, rumors emerged that OZ Developers had sold 98 percent shares of the Sialkot Stallionz franchise after one of its partners separated from the company just days after the PSL auction.

The controversy around this became more intense when co-owner Mohammad Shahid alleged in a video statement that his Alpha Sports Group now holds a 76 percent stake in the Sialkot Stallionz franchise. He also accused Hamza Majeed of transferring the shares without prior approval from the Pakistan Cricket Board (PCB).

Addressing all the rumors and claims made against him, Hamza Majeed said in a press conference that he has already submitted all his financial documents to the PCB, therefore, the reports related to his bankruptcy are completely false.

"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 Hamza Majeed.

"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," added Hamza Majeed.

Hamza then said that he has submitted a three-year corporate guarantee to the PCB, which basically means that he is capable of managing the financial obligations of the franchise for the next three years.

"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," said Hamza Majeed.

"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." added Hamza Majeed