Kings XI Punjab for sale
Posted Jun.18, 2010 in IPL
Kings XI Punjab , the IPL cricket franchise is for sale.
Preity Zinta, Ness Wadia, the Burman brothers, Gaurav and Mohit, Karan Paul, and Aditya Khanna, has sought permission from BCCI to sell ninety-three percent of the franchise to London-based private equities firm, ISIS.
Preity Zinta is retaining 7 per cent of her current 23% stake.
Sources pegged the sale in the vicinity of $250 million, which, if true, would mean a 230 per cent profit for Zinta and company. They had acquired Kings XI in 2008 for $76 million (approximately Rs 357 crore).
About Kings XI Punjab:
KingsXI Punjab had been bought by KPH Dream Private Limited in the IPL’s first auction in early 2008 for $76 million payable over ten years.
The company is owned jointly by Preity Zinta (23 per cent), Ness Wadia (23 per cent), Colway (an off-shore company based in Mauritius that has links with Gaurav Burman and his wife Karima Sagrani, who is former IPL commissioner Lalit Modi’s step daughter, 23 per cent), Windy (formerly a Dabur company, acquired by Gaurav Burman at the time of his separation from the family’s core business, 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 (through Roots Investment, 4 per cent).