Arbitration Blow for Lahore Qalandars: Atif Rana ordered to pay PKR 2.3 billion or forfeit control to Fawad Rana
Arbitration Blow for Lahore Qalandars:
Atif Rana ordered to pay PKR 2.3 billion or forfeit control to Fawad Rana
By Nawaz Gohar ; An arbitration tribunal has delivered a landmark verdict in the long-standing ownership dispute within the Lahore Qalandars franchise, ordering the current management to either pay PKR 2.3 billion to Qatar Lubricants Company (QALCO) or return administrative control of the team to the company owned by Fawad Rana.
The arbitrator, Justice (Retd) Maqbool Baqar, who was appointed by the Supreme Court of Pakistan to mediate the conflict between the Rana brothers, has granted a 45-day deadline for the implementation of the order.
The dispute traces back to December 2015, when Fawad Rana, through his Qatar-registered firm QALCO, successfully bid $26 million for the 10-year rights to the Lahore franchise. Seeking to run the team as a family venture, Fawad engaged his brother, Atif Rana, to handle domestic operations. A local entity, Kawsar Rana Resources (KRR)—named after their mother—was incorporated in January 2016 to hold the franchise rights.
Initially, the ownership structure was designed to give Fawad Rana control:
QALCO: 51% shares
Fawad Rana (Individual): 1% shares
Atif Rana: 48% shares
The arbitration revealed a series of maneuvers that gradually stripped Fawad Rana of his majority. In 2018, 4% of QALCO’s shares were transferred to Atif Rana, allegedly to bypass diplomatic tensions between Qatar and the UAE during the Abu Dhabi T10 League.
The most significant turn occurred in 2020. Fawad Rana was reportedly persuaded to transfer his remaining 47% shares to Atif Rana under the pretext of a potential third-party buyout that required the local management to have 100% ownership. Arbitration documents state that no payment was ever made for these shares. During this period, Fawad Rana also faced health challenges due to COVID-19, further distancing him from franchise operations.
A startling detail emerged during the proceedings: in 2021, KRR reportedly sold approximately 30% of its shares to a mysterious individual identified only as “Mr. Niazi.” Fawad Rana’s legal team claims this transaction was hidden from the original owner, adding a layer of complexity to the financial audit of the franchise.
Justice (Retd) Maqbool Baqar’s decision outlines three major requirements:
Payment: KRR must pay QALCO PKR 2.3 billion plus interest (totaling nearly PKR 3 billion).
Reversion: If the payment is not made within 45 days, QALCO’s 51% shareholding and administrative control must be restored immediately.
Accountability: A full accounting of profits earned from the shares sold to “Mr. Niazi” must be provided.
Atif Rana has confirmed to Profit that his legal team is exploring an appeal, stating, “He is my elder brother; what can I say about him?” Meanwhile, QALCO’s lawyers have formally requested the Pakistan Cricket Board (PCB) to freeze any major contractual decisions involving Atif and Sameen Rana until the arbitration terms are met.
While the current management remains in control pending appeal, this verdict lifts the veil on a bitter legal battle that threatens to reshape the leadership of one of the PSL’s most beloved teams.
