Ali Tareen is the son of one of the wealthiest businessmen and politicians in the Pakistan. He has won the ownership rights of the sixth team in the Pakistan Super League.
According to the PCB, he has won the ownership rights for seven years. He paid significantly exceeding the reserve price of USD 5.21 million per year.
Tareen’s bid of USD 6.35 million won out against a South African consortium, which bid USD 3.5 million. It isn’t yet established whether this is inclusive of 26% tax.
The ownership rights of Multan Sultans was terminated by the PCB this year. The Schön Group failed to pay their annual fee of USD 5.2 million. Schön Group is a Dubai-based enterprise well-established in the real estate business.
Ali Tareen has confirmed that the team’s name would stay as Multan. Though it remains unclear if it would still be called Multan Sultans.
Ali Tareen’s financial clout emanates from his father Jehangir Tareen. He established JDW Group. The company has overseen the development of one of the largest sugar mills in the country. Jehangir Tareen was a key political and financial backer of the Pakistan Tehreek-e-Insaf party.