Kings XI Punjab to sell 93% stake?

IPL Cricket

A day after it was reported that IPL team Kings XI Punjab (KXIP) has sent an application to BCCI, seeking to sell 93 per cent of its share to London-based private equities firm ISIS, the board officials refused to comment.

It was also reported that Preity Zinta wanted to retain the remaining 7 per cent of the team’s stake as she wants to continue as KXIP’s brand ambassador.

BCCI president Shashank Manohar simply said that BCCI’s chief administrative officer Ratnakar Shetty was the right person to comment on the issue. However, repeated attempts to contact Shetty failed.

IPL vice-president, Niranjan Shah also refused to shed light. “I am not aware of any such development. The IPL governing council will meet on June 25 but I don’t know the agenda of the meeting yet.”

Even the chief executive officer of KXIP franchise, Anil Srivatsa, she he had nothing to say on this issue. KXIP is owned by Preity Zinta, Ness Wadia, Mohit and Gaurav Barman and Aditya Khanna.

The report said that sources have pegged the sale in the vicinity of $250 million. They had acquired Kings in 2008 for $76 million (approximately Rs 357 crore).

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