BCCI halts Kings XI plans to sell 93% stakes

Last Updated: Aug 11, 2010, 00:41 AM IST

Zeecric Bureau

New Delhi: The Board of Control for Cricket in India (BCCI) halted Indian Premier League franchise Kings XI Punjab’s plan to sell the 93 per cent stake on Tuesday.

According to an Indian news channel, the country’s apex cricket body will not allow the Preity Zinta owned Punjab franchise to sell the majority of its stakes to other party until till the probe involving suspended IPL commissioner Lalit Modi is completed.

The IPL team of Kings XI Punjab is jointly owned by bollywood actress Preity Zinta, Bombay Dyeing’s Ness Wadia, Dabur’s Mohit Burman and Apeejay Surendra Group’s Karan Paul, all of whom had earlier shown interest to give up their ownership together. They were also reportedly looking for a consortium that can buy their stakes.

Later Videocon Industries owner Venugopal Dhoot confirmed that he was in talks with the KXIP owners in order to purchase the team and that the price is being negotiated. He also said that the deal would be sealed once the terms and conditions were agreed upon by both the parties.

Kings XI Punjab team was bought by the four co-owners for USD 76 million in 2008 and is currently being valued at USD 250 million.

It was earlier reported that the Venugopal Dhoot-led Videocon Industries had floated a Special Purpose Vehicle (SPV) to pick stake in the Kings XI team. Pune-based builder Atul Chordia was also reportedly part of the SPV.

Dhoot and Chordia along with actors Saif Ali Khan and Kareena Kapoor had formed a consortium to bid for the Pune franchise at the IPL 4 auction but remained unsuccessful.