In a dramatic turn of events just weeks before the PSL 11 season opener, Kamil Khan announced his departure from the Sialkot Stallionz on Monday, February 23, 2026. The exit follows a massive financial scandal that has seen the franchise’s original owners, the OZ Group, effectively lose control of the team.
The Ownership Collapse
The Sialkot Stallionz, which were auctioned for a record Rs 1.85 billion ($6.55 million) in January, have been plagued by financial instability from the start:
- The “Bankruptcy” Scandal: Reports surfaced on February 22 that the primary owner, OZ Group (led by Hamza Majeed), had effectively gone bankrupt after international partners from Switzerland and Australia withdrew, citing the “unrealistic” auction price.
- CD Ventures Takes Over: To save the franchise from being terminated by the PCB, CD Ventures (led by Gohar Shah) has stepped in as a strategic partner, reportedly acquiring a 98% stake in the team.
- Legal Battles: The transition is marred by allegations of fraud; Mohammad Shahid (Alpha Sports Group) recently released a viral video claiming he already held a 76% stake, accusing the OZ Group of unauthorized share sales.
Out of my deep love for Pakistan cricket, I joined the leadership team of Sialkot Stallionz, assuming responsibility for the cricketing side with sincerity. In a short time, we made significant progress, including securing Steve Smith, appointing Tim Paine and partnering with New…
— kamil khan (@13kamilkhan) February 22, 2026
Management Exits: Akram & Khan Step Down
The internal turmoil has led to a complete “brain drain” of the franchise’s leadership:
- Kamil Khan: Stated he is stepping away due to “certain management decisions,” though he took credit for securing major assets like Steve Smith and Tim Paine.
- Wasim Akram: The cricket legend confirmed on February 21 that he is no longer the team’s President. His representatives noted that no formal agreement was ever signed and cited “internal disputes” as the reason for his withdrawal.
What Happens to the Stars?
Despite the board-room chaos, the Stallionz have one of the most exciting rosters in the league:
- The Marquee Signings: The franchise successfully secured Steve Smith as a direct signing and appointed Tim Paine as head coach.
- The “Safe Hands” Claim: Kamil Khan noted that his exit was delayed to ensure the “cricketing side” was stable.
- Rebranding Rumors: There is growing speculation that the new owners, CD Ventures, might consider rebranding the team or even reviving the Multan Sultans name, though this is currently unconfirmed.
Key Timeline of the Crisis
| Date | Event |
| Jan 8, 2026 | OZ Group wins Sialkot franchise with a record Rs 1.85 billion bid. |
| Feb 3, 2026 | Team signs Steve Smith; creates major PSL 11 hype. |
| Feb 18, 2026 | Fraud allegations surface regarding unauthorized share sales. |
| Feb 21, 2026 | Wasim Akram officially parts ways with the franchise. |
| Feb 22, 2026 | CD Ventures acquires 98% stake to prevent team collapse. |
| Feb 23, 2026 | Kamil Khan formally announces his resignation. |
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