All is not well in the Kings XI Punjab ranks. The latest buzz is that one of the co-owners who forms a part of the KXIP consortium is looking to opt out.
It has learnt that Ness Wadia of the Bombay Dyeing Group, said to be having a little more than 25% stake in the franchise, is keen to take the exit route. In turn, the managing director of Hero Honda, Pawan Munjal, is looking to buy a personal stake in an IPL franchise if he gets an opportunity.
Highly-placed sources say that a marriage of convenience is about to take place soon.
Despite continuous efforts to reach him, Wadia remained unavailable for comment. On the other hand, Munjal spoke about his IPL interest but without naming KXIP in particular. “I have been a keen follower of IPL from the beginning. If a good opportunity comes knocking, I will be most willing to consider it. At the moment, there has been no development in this regard,” he said.
Wadia bought the team in the 2007-08 auction with a consortium backed by actress Preity Zinta, Mohit Burman of the Dabur Group and Karan Paul of the Apeejay Surendra Group. The franchise, based out of Mohali, had been bought for $76m in 2007-08.
When contacted KXIP, the franchise repeated the statement they had released a couple of weeks ago when reports of Hero Honda buying the team had surfaced.
“Kings XI Punjab continues to be co-owned by a consortium which includes, industrialists Mohit & Gaurav Burman, Karan Paul, Ness Wadia and Preity Zinta,” the statement read. Interestingly, at the time of releasing the statement, Wadia was outside the country and could not be contacted. “There has been no deal signed as yet but expect something very soon,” an official in the know of things said.