Kings XI Punjab is all set to be put on sale after the end of the third season of the Indian Premier League, according to media reports quoting sources.
The reports said that all the owners of Kings XI Punjab (KXIP) are planning to exit together and are looking for a consortium which can buy their stakes. It has also been reported that KXIP has been valued at Rs. 1000 cr.
It has been earlier reported that the Venugopal Dhoot-led Videocon Industries has floated a Special Purpose Vehicle (SPV) to pick stake in the Kings XI team. Pune-based builder Atul Chordia is 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 were unsuccessful.
Last week, there were reports indicating that star player Yuvraj Singh was not interested in continuing with the team after this edition. The move was being linked to him being dumped as captain. And now it seems the three co-owners of the team are all set to take the exit route as well.
Co-promoters Bollywood actress Preity Zinta, Bombay Dyeing's Ness Wadia, Dabur's Mohit Burman and Apeejay Surendra Group's Karan Paul are planning to exit together, thereby also putting an end to speculation that one or two of the owners could buy out the stake of the others.
The Kings XI, co-owned by actor Priety Zinta, Dabur's Mohit Burman and Apeejay Surendra Group's Karan Paul along with Wadia, had bagged the franchise in 2008 for $76m.