KXIP promoters apply to BCCI for sale of stakes

The promoters of King's XI Punjab have applied to the Cricket Board seeking permission to sell 93 per cent of their stake in the Indian Premier League franchisee and the matter would come up before the IPL's Governing Council meeting later this month.

"The matter of sale of stakes in the Kings XI franchisee would be taken up at the IPL's Governing Council meeting on June 25 (in Mumbai)," BCCI sources said.

The Board will get five per cent fees for transferring the shares, according to Governing Council sources.

The promoters of the Mohali franchisee are Bollywood star Preity Zinta, who is the chairperson of its Board of Directors, Ness Wadia, Mohit Burman and Karan Paul.

The Mohali franchisee was successfully bid and bought for $76 million in 2008.

Sources said that barring Zinta, who wants to retain a portion of her stake, others want to dispose off their entire stake in the franchisee.