Lahore, Pakistan – In a landmark ruling that could reshape the future of one of Pakistan’s most popular cricket franchises, an arbitration tribunal has ruled against the current management of the Lahore Qalandars, dealing a major blow to the ownership structure of the team.
The tribunal, headed by retired Justice Maqbool Baqer, concluded that the transfer of majority shares from Qatar Lubricants Company (Qalco) to the younger Rana brothers, Atif Naeem Rana and Sameen Naeem Rana, was invalid and legally unenforceable. The panel has ordered the management to either repay Qalco nearly Rs3 billion with markup or restore Qalco’s 51 per cent shareholding in Kausar Rana Resources (KRR), the parent company of the Lahore Qalandars.
The case revolves around share transfers carried out in 2018 and 2020, which the current management claimed were necessary to meet international competition requirements. However, the tribunal sided with Qalco, the original majority shareholder, stating that the transfers were unauthorised, improperly documented, and executed without proper financial consideration.
During proceedings, the tribunal highlighted serious discrepancies in the management’s defence, including missing original transfer deeds, absence of key witnesses, and undisclosed sales of 30 per cent of KRR shares to a third party. The ruling also orders a full accounting of profits and proceeds from the secret share sale, to be reviewed by a Lahore High Court company judge.
Under the judgment, the younger Rana brothers have 45 days to comply, either by making the required payment to Qalco or by returning the 51 per cent stake. Failure to do so could lead to further legal and financial consequences, potentially affecting the team’s participation in the upcoming Pakistan Super League (PSL) season.
This tribunal decision comes after a Supreme Court referral in late 2024, following earlier legal challenges to share registrations under the Arbitration Act. Analysts say the ruling not only impacts the Qalandars’ ownership but could also set a precedent for franchise management disputes across Pakistan’s professional sports landscape.
With PSL fans closely watching developments, the ruling adds a new layer of uncertainty to the future operations and administration of the Lahore Qalandars, raising questions about leadership, accountability, and governance within one of Pakistan’s most valuable sports franchises.
This story has been reported by PakTribune. All rights reserved.