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Thursday, July 24, 2025

Qureshi launches $160M cricket fund

by

Vinode Mamchan
2436 days ago
20181117
CCUSA chairman Muhammad Qureshi, right, with Richard Victor at the CCUSA headquarters in Margate, Florida.

CCUSA chairman Muhammad Qureshi, right, with Richard Victor at the CCUSA headquarters in Margate, Florida.

VIN­ODE MAM­CHAN

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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