Kings XI Punjab hoping to break even this year: Ness Wadia
Kings XI Punjab continues to be a loss making venture with the accumulated losses of the company nearing Rs 50-60 crore so far, but the franchisee is hopeful of breaking even this fiscal.Updated: Apr 26, 2012 18:29 IST
Kings XI Punjab continues to be a loss making venture with the accumulated losses of the company nearing Rs 50-60 crore so far, but the franchisee is hopeful of breaking even this fiscal.
"We've made losses of approximately Rs 50-60 crore in the last four years. This year, hopefully, we will be able to break even. We are working with the IPL and the BCCI," Ness Wadia, co-owner of KXIP, said.
The Punjab franchise is owned by KPH Dream Cricket Private Limited and according to the shareholding pattern in the company, Bollywood actress Preity Zinta and Wadia each have 23 per cent stake, while rest is owned by industrialist Mohit Burman, Karan Paul (Chairman of Apeejay-Surrendra Group), Colway Investment and Root Investment.
Asked what was in store for them, Wadia said, "We had a good couple of years initially. The last two years were not very good. I think this year should be better, overall. "We also had a litigation with the BCCI and that's been a shadow. Hopefully, the arbitration will come to an end soon and we will be able to cope up and build the team."
Wadia had come to watch IPL match played between his team and the Mumbai Indians here yesterday.
BCCI had earlier terminated the contracts of KXIP and Rajasthan Royals, alleging that they had breached the agreement by changing shareholding pattern without the Board's consent, forcing the two franchisees to move the court.
Wadia said they were still "waiting for arbitration." Asked if the current status affects the team or the management, Wadia said, "There is no affect on the management."
He though admitted the affect was more as owners per se. "You know we have to go through arbitration and it's an issue of time. Financially, it has a cost," Wadia told PTI here. Wadia, meanwhile, dismissed the claims of selling his stake in the franchise as "baseless rumours".
First Published: Apr 26, 2012 18:22 IST