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Kings XI Punjab's owners plan to sell IPL franchise

Kings XI Punjab's joint owner Mohit Burman on Tuesday said the owners of the Indian Premier League franchise could look at selling the team if valuation is more $250 million.

However, co-promoter Wadias' spokesperson clarified that there is no substance in reports relating to sale of stake by the promoters.

“The teams have now been auctioned for as much as $370 million. So why not if have a good offer that is substantially more than $250 million. But we have no offer… there is no buyer,” Burman, who is Director of FMCG major Dabur, said.

However, a Wadia Group spokeswoman said: “The news of 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.”

An identical statement was also issued by the Team management.

Shortly after the high bidding for 'Team Pune' and 'Kochi' last week there had been speculation that promoters of Kings XI Punjab, whose performance in the latest edition of IPL has been nothing worth writing home about, were seeking to exit.

The team had gone under the hammer three years ago for $76 million.

On when the promoters are expected to sell off their stake, Burman said, “Not before the tournament is over… It may be possible this year.”

Source: Times Of India

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