Qureshi Launches $160M Cricket Fund
Cricket administrator and businessman, Muhammad "Maq" Qureshi, is taking cricket to another level, as he is now launching a US$160 million fund to assist cricket teams in the United States develop into professional units.
Qureshi, who has spent over US$22 million in cricket development through his US Open Twenty20 (T20) as well as a cricket academy and other cricket sponsorship, has teamed up with Richard Mahee, president of Mahvrick, to build a financing platform with its primary lenders which have provided $1 Billion-plus in funding secured through a national marketplace.
With Qureshi’s financial acumen, he and Mahvrick was able to finalise a deal for the project through Fundit Lending Solutions, a sponsor of next year's US Open Cricket that has done over 100 million in small business lending over the past 24 months and has 3700 retained clients. The fund will work with qualified business owners worldwide to own a team, based on a criteria of license with Cricket Council USA (CCUSA).
Michael Dodge, CEO/President of Fundit Lending Solutions Inc is excited about the project.
He said, "We are working closely with Mahvrick to facilitate the money to qualify team owners for their license which includes concessions and merchandising of their team's brands with Cricket Council USA."
Qureshi known for selling his conglomerate of gas stations for 300 million dollars by 29 years old, is the godfather of cricket in the US and will be overlooking this project carefully to make sure everyone benefits.
Recently, some 1,000 cricket players worldwide entered this year's US Open Cricket Premier League draft, to participate in this internationally recognised annual event. Over 1.7 million people watched the draft online.
The work of Qureshi and the staff at CCUSA in building the popular US Open T20 Tournament has caught the eyes of many and players from all around the world will converge at the Central Broward Regional Park in Lauderhill, Florida, from December 12-16 to battle for the title.
Qureshi said: “Similar to MLS each cricket team is valued in the ten's of millions of dollars worldwide and their values are increasing in the United States. Cricket teams can be valued at several hundred million in India and other key markets throughout the world.
"We started with four teams ten years ago. Today we represent 1, 100 teams. Cricket Council USA decided to bring a financial model to entrepreneurs who want to own a team in the US.”
Mahvrick, a holding company with financial positions in oil, real estate and television, is spearheaded by West Indian and Puerto Rican entrepreneur Richard Victor, a former Maryland Terrapin (Football 1991-92).
Over the past five years Mahvrick's focus has also included raising money through and a series of high profile events during Oscar Weekend, New York Fashion Week including televised concerts to benefit charitable organisations.
Mahee speaking about the financing project said: "The objective is to provide the financing to team owners of Cricket Council USA. Teams are in Miami, Princeton, Chicago, Houston, Boston, Cincinnati, Philadelphia, Toronto, Atlanta, Orlando, Washington DC, New York and Los Angeles."
In addition, Maq Group and Mahvrick are also working together exploring land in the Caribbean for the World Cricket Invitational. They have an interest in a US$79 million land and wellness resort development of luxury villas, boutique hotels, and solar development on a series of pristine private beaches and islands throughout southern Belize, which is the focus of 2020 upscale commercial development of the country along with entrepreneurs Barton and Marissa Campbell of the Wellness Capitol of the World, (Wellness Capitol) a joint venture with Mahvrick that has an existing customer base in 58 countries global.
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