In a surprising development, the ownership of the Lahore Qalandars franchise, a prominent team in the Pakistan Super League (PSL), has been returned to its original founder-owner. The dispute arose when the founder’s younger brothers were found to have unlawfully acquired shares from him. Lahore Qalandars, known for their success in the PSL, faced controversy due to this ownership conflict.
The original owner, Fawad Rana, who initially established the franchise and garnered popularity for it, was reportedly sidelined after his brothers, Sameen and Atif, allegedly took over the shares without proper authorization. An arbitration tribunal, led by retired Justice Maqbool Baqer, ruled against the current management of the parent company, Kausar Rana Resources (Pvt) Limited, which owns Lahore Qalandars.
The tribunal deemed the transfer of majority shares to be illegitimate and lacking proper authorization, ordering the younger brothers to either pay a substantial amount to the original shareholder or restore the majority shareholding. The ruling specified a payment of Rs 2.96 billion plus markup to be made within 45 days or the return of the 51% shareholding to the rightful owner.
This decision is a significant blow to the Lahore franchise, which had a rocky start in the PSL but later achieved success with three titles in four years. The recent legal ruling has implications for the team’s future management and operations, impacting their standing in the league.
