Kings XI Punjab, currently ranked last in this season's IPL table, is up for sale. The promoters of the club have put up an asking price of $300 million (Rs 1,380 crore).
Sources said the final price is likely to be settled at around $280 million (Rs 1,288 crore).
The buyer's identity is not being disclosed. But it is known consumer goods major Videocon's chairman Venugopal Dhoot is keen on buying a minority stake in an existing team.
Dabur's Mohit Burman, Apeejay Surendra's Karan Paul, Bombay Dyeing's Ness Wadia and actress Preity Zinta had come together in 2008 to buy Kings XI Punjab for $ 76 million (Rs 350 crore). Burman denied any plans to sell.