Kings XI’s proposal to transfer 93% of its share to a private equity firm was rejected by the Board of Control for Cricket in India (BCCI).
It said that the takeover must wait until investigations against suspended IPL chairman Lalit Modi have been concluded.
The decision further delays the Punjab outfit owners’ plan to sell the team.
A team willing to sell stake cannot go ahead without the BCCI’s permission, say rules laid out by the IPL governing council.
Team owners also have to pay BCCI a transfer fee on a pro-rata value of the franchise.
“BCCI has decided to defer the matter till clarity is reached on Modi’s involvement in the Mohali team,” a senior BCCI official was quoted as saying by the Economic Times newspaper.
“How can we transfer shares unless we know who the owners are,” he said. BCCI secretary N Srinivasan refused to comment.
Mohit Burman, one of the owners, confirmed the development. “I’m out of the country and have no update. But I believe we haven’t got clearance from BCCI,” Burman said.
Source: ESPN Star