LAHORE – Cricket fans in Pakistan have been left stunned after a dramatic arbitration court ruling has put Lahore Qalandars’ ownership back in the spotlight, and it stars none other than the team’s beloved owner Rana Fawad.
In first four seasons of the Pakistan Super League (PSL), fans couldn’t take their eyes off the man in the Qalandars’ dugout who wore his heart on his sleeve. When the team scored, he leaped in joy and fell to the ground in prayer. When the team lost, his disappointment was palpable. That man was Rana Fawad, whose infectious emotions made him a PSL icon and a social media favorite.
But then, Rana Fawad mysteriously disappeared from the cricket grounds. Some speculated heartbreak over Lahore Qalandars’ repeated losses. Others pointed to his serious illness in 2020 during the COVID-19 pandemic. Even as the team began winning again, Fawad Rana remained absent, until now.
On Wednesday, a court stunned the cricketing world by ruling in Rana Fawad’s favor, ordering Lahore Qalandars’ CEO Atif Rana and Thameen Rana to either hand back ownership of the franchise or pay Fawad a staggering PKR 230 crore within 45 days.
had approached the court in 2023, claiming his younger brothers illegally transferred Lahore Qalandars shares from his company Kelco to the Pakistan-registered company Koosar Rana Resources (KRR) without his consent. The matter had escalated through the Lahore High Court and the Supreme Court before being sent to arbitration.
It all dates back to 2015, when Qatar Oil Group, a Qatar-registered company, acquired Lahore Qalandars for $26 million with Fawad Rana as managing director. In 2016, he brought in his brothers, Atif and Thameen, to manage the franchise. The brothers decided to run it through a Pakistan-based company, KRR, giving it 48% shares, while Fawad retained 51% through Kelco, plus 1% in KRR.
The rift started in 2018 when 4% of Kelco shares were transferred to KRR, making Atif Rana the majority shareholder. Fawad called the transfer illegal, while the brothers insisted it was lawful. According to the brothers, the move was to protect the franchise’s reputation and allow participation in the Abu Dhabi T10 League amid regional tensions, a decision Fawad allegedly approved. Fawad disputes this, claiming he never attended meetings or signed any documents.
COVID-19 pandemic caused massive disruptions, and in 2020, a Kelco check for PSL security fees bounced. PCB warned of legal action, prompting emergency talks. The brothers decided to sell the franchise for $3 million, insisting all shares be under KRR, which Kelco chairman Sheikh Sultan approved.
Later, a mysterious “Mr. Niazi” acquired 30% of shares, but the deal stalled, and Fawad’s name disappeared from shareholder records. Fawad’s lawyers argue that his consent was sidelined, and he had no role in these share transfers, prompting his 2023 court intervention.
