[REPORTS] Schon group to leave PSL franchise Multan Sultans

[Hedz]

Some people were reporting that Asher Schon and Multan Sultans have parted ways and there will be a rebidding process for the Multan franchise

Anyone know if the report is accurate and what happened?

 

[pasha404]

Schon group has a dodgy reputation I won’t be surprised if it is true

 

[UN talkz]

REPORTS :

Schón Group who owned most expensive Team of PSL 2018 might leave MULTAN SULTANS due to reasons which will be in Media in next few Days

They were happy with team performance but still reasons known to them why they might leave MS & It will be again open for bidding

 

[Arham_PakFan]

REPORTS :

Schón Group who owned most expensive Team of PSL 2018 might leave MULTAN SULTANS due to reasons which will be in Media in next few Days

They were happy with team performance but still reasons known to them why they might leave MS & It will be again open for bidding

Heard it was due to NAB cracking down on them

 

[UN talkz]

Heard it was due to NAB cracking down on them

Yes heard same thing; but lots of rumours out and nothing concrete or official.

 

[MABA]

If they do rebidding PCB should make the minimum bid $5.2 million per year as that is what the Schons paid for it.

 

[PakSarZameen]

Sack Multan as a whole and change it to Kashmir/Sialkot

 

[Xoib]

Schon is one of the most dodgy business groups in Pakistan.

 

[Abdullah719]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Reports that Dubai Land Department has issued a decision to seize the land, real estate & funds registered to developer Schon Properties to safeguard the rights of investors. Schon are the owners of PSL franchise Multan Sultans</p>— Saj Sadiq (@Saj_PakPassion) <a href="https://twitter.com/Saj_PakPassion/status/1025457294665019392?ref_src=twsrc%5Etfw">August 3, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Hedz]

A controversy that could have been easily avoided
PSL and Najam Sethi should have done the relevant checks before granting them a PSL team

 

[Pakpak]

Corruption is the main reason.

 

[Abdullah719]

Schon Properties, owners of Multan Sultan get assets seized by Dubai Land Department

DUBAI: Dubai real estate authority in what some term as a landmark decision to save investor interests and funds has announced its decision to seize properties and land plots registered to Schon Properties, one of the major property developers in Dubai.

Dubai Land Department (DLD) said on Thursday it has seized assets as well as funds deposited in Escrow account belonging to Schon Properties until the Dubai Public Prosecution and Dubai Courts complete legal procedures to recover investors’ rights.

The real estate authority posted a tweet to announce the decision to seize properties and land plots registered to the developer.

It added that it has also seized funds deposited in the developer’s escrow account while Dubai Public Prosecution “complete legal procedures to secure the rights of all investors and other parties”.

Last year, the developer broke ground on its $870 million iSuites project in Dubai Investments Park.

It said the main contractor, Dubai Civil Engineering, part of Al Hamad Group of Companies, has started work on the project to build 2,550 hotel apartment suites, 52 restaurants, outdoor cafes and 125,000 square feet shopping mall.

The development is all surrounded by a manmade beach and a lagoon spread over 5 acres – to be completed ahead of the Expo 2020, Schon said in a statement at the time.

It is pertinent to mention that Schon Properties own Pakistan Super League’s (PSL) Multan Sultan cricket team.

https://profit.pakistantoday.com.pk...n-get-assets-seized-by-dubai-land-department/

 

[Saj]

Had some dealings with Multan Sultans during the last PSL - what a horrible experience.

 

[Saj]

Hearing that Multan Sultans owners have not paid the PCB and their ownership is to be terminated.

PCB are in talks with them....

 

[MenInG]

Hearing that Multan Sultans owners have not paid the PCB and their ownership is to be terminated.

PCB are in talks with them....

Draft is on 20th November.... so not much time left

 

[Hedz]

Draft is on 20th November.... so not much time left

Awful situation for the PCB and the PSL
But they could have prepared for it way sooner, reports were out in April, enough time for them to get a backup plan in place if things to go bad (like they have)
Now with only a week to go till the Player Draft, there is a lot of confusion for all the various stakeholders which is never ideal

 

[Savak]

It appears the pcb gave more than enough chances to Schon group to pay its dues but they just couldn't hold their end up

 

[Muhammad8279]

Its annoying, not much time left in PSL 2019 draft.