Pakistan Super League: In a dramatic turn of events, the ownership of the most popular and successful franchise of the Pakistan Super League (PSL) has been restored to its original founder-owner after his two brothers were found to have illegally taken shares from the elder brother, a news report said on Friday.
Lahore Qalandars have won the title thrice in the PSL that started in 2016 and finished runner-up once. They were embroiled in controversy because of a dispute between the brothers over the ownership of the popular and successful franchise.
“The original owner, Fawad Rana, was the one who bought the franchise and made it popular through his endearing demeanours highlighted by his dance in jubilation and show of remorse in defeats. But Fawad was usurped by his two younger brothers – Sameen and Atif – through illegal transfer of shares,” sources told Telecom Asia Sport (www.telecomasia.net).
According to the report, an arbitration tribunal headed by retired Justice Maqbool Baqer ruled against the current management of Kausar Rana Resources (Pvt) Limited (KRR), the parent company of the Lahore Qalandars.
The tribunal found that the transfer of majority shares from Qatar Lubricants Company (Qalco) to brothers Atif and Sameen was legally void and lacked valid authorisation, the report said. The tribunal ordered the respondents to either pay Qalco Rs 2.96 billion plus markup or immediately restore Qalco’s 51 per cent majority shareholding in the company.
The report said that the tribunal ordered that within 45 days, the younger Rana brothers must pay Qalco Rs2.296bn with markup dating back to June 2020, or return the 51pc shareholding.
The tribunal found that the transfer of majority shares from Qatar Lubricants Company (Qalco) to brothers Atif and Sameen was legally void and lacked valid authorisation, the report said. The tribunal ordered the respondents to either pay Qalco Rs 2.96 billion plus markup or immediately restore Qalco’s 51 per cent majority shareholding in the company.
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The decision is seen as a major setback to the Lahore franchise, which finished last in the first three editions. They then won three titles in four years, the last two back-to-back events in 2022 and 2023, and then regained the title last season.