Qureshi Launches $160M Cricket Fund

Qureshi Launches $160M Cricket Fund
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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