Videocon to buy Kings XI Punjab?
Videocon Group is in talks for buying the IPL franchisee Kings XI Punjab.
New Delhi: Videocon Group, who had earlier bid ferociously in the recently held Indian Premier League (IPL) auction for two new teams and failed, is in talks for buying the Kings XI Punjab outfit.
Videocon Group chairman Venugopal Dhoot said on Thursday that talks are on for buying stakes in KXIP.
Talking to a TV channel, Dhoot said that nothing is concrete as far as buying stakes is concerned, but he confirmed that his men are talking to the owners of KXIP in this regard.
Earlier, Kings XI Punjab co-owner Mohit Burman has publicly accepted that the team owners were not happy with the returns in IPL when pitted against the huge investments, and were willing to sell it off, provided they got a good deal.
“Yes we are planning or ready to sale the Kings XI IPL team provided we get enough takers,” Burman said.
“We don’t have enough takers at the moment,” Burman told a news channel.
Mohit Burman said the owners of the Indian Premier League franchise could look at selling the team if the valuation is more than USD 250 million.
"The teams have now been auctioned for as much as USD 370 million. So why not, if we have a good offer that is substantially more than USD 250 million. But we have no offer... there is no buyer," Burman, who is also a Director of FMCG major Dabur said.
However, a Wadia Group spokeswoman said: "The news of a stake sale by the promoters of KXIP is not correct. Kings XI Punjab continues to be co-owned by a consortium which includes, industrialists Mohit & Gaurav Burman, Karan Paul, Ness Wadia and leading Indian actor Preity Zinta."
The latest news comes in the backdrop of Kings XI’s horrendous show in the ongoing third edition of the Indian Premier League. Preity Zinta’s team has been languishing at the bottom of IPL points table.
The Punjab side had been bought for USD 76 million at the original auction.