Sources from BCCI confirmed that kings XI Punjab will sell its 93 percent stake to London based private equity firm ISIS. Kings XI Punjab has already sent an application to the Board of Control for Cricket (BCCI) to sell the franchise.The company is owned jointly by Preity Zinta (23 per cent), Ness Wadia (23 per cent), Colway (an off-shore company based in Mauritius and linked with Gaurav Burman and his wife Karima Sagrani, step daughter of former IPL commissioner Lalit Modi’s, 23 per cent), Windy (formerly a Dabur company and presently acquired by Gaurav Burman , 11.5 per cent), MB Finmart (a company owned by Dabur’s Mohit Burman, 11.5 per cent), Karan Paul of Apeejay Surendra (4 per cent) and Aditya Khanna (4 per cent). The joint owners had acquired Kings XI Punjab in 2008 for $76 million which is approximately Rs 357 crores.After a pathetic performance in IPL-3, the franchise have decided to sell out there major percentage of share except Preity Zinta who still believes in the team and so is keeping 7 percent ( earlier 23 percent) of stake. The new bid amount has been decided to be around $250 million which will bring almost 230 percent profit for the present owners.In the last month Chirayu Amin, the new IPL Commissioner, had clearly stated that franchises cannot make new deal until they are declared totally clear from the income tax department.
However as per a top Board officials declared that the same will not be opposed if suitable buyer is available. Kings XI Punjab has therefore decided to sit with the IPL governing council and arrange for the approval.
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