Kings XI Punjab has finished peak-level talks with UK-based private equity firm ISIS for the sale of the IPL club.
However, the owners of Kings XI will have to wait for an nod from BCCI, which will come only after I-T authorities and other agencies investigating IPL funding give a go-ahead.
In the case of KXIP, investigations related to stakeholding within the franchise are currently on. However, it has learnt that KXIP has already finished peak-level talks with ISIS, which is preparing to acquire close to 93% stock of the franchise.
The remaining 7% will stay with current co-owner Preity Zinta from her existing 23% stake. Meanwhile, it is also learnt that Zinta plans to stick around with the franchise and will stay associated as the team’s brand ambassador along with the 7% stake.
The franchise is currently co-owned by Ness Wadia (23%), Colway (offshore company in Mauritius linked to Gaurav Burman and Karima Sagrani, 23%), Preity Zinta (23%), Karan Paul of Apeejay Surendra (4%), Aditya Khanna (through Roots Investment, 4%), Windy (once a Dabur company, acquired by Gaurav Burman, 11.5%) and MB Finmart (owned by Dabur’s Mohit Burman, 11.5%).
Of these owners, Sagrani is suspended IPL commissioner Lalit Modi’s step-daughter (from his wife’s earlier marriage) and is married to Gaurav Burman of Dabur.
An earlier version of this article said that ISIS’s prime investors included Russian billionaire and EPL club Chelsea owner Roman Abramovich. However, Abramovich said through a spokesman that he was not an investor in ISIS and was not involved in the acquisition of any cricket club.