Source: Yahoo.com
Mohali, March 29 -- A sum of Rs 1.8 crore may be the savings of a lifetime for many. In the IPL, it's the amount the Kings XI Punjab players have to pay in fines. They didn't commit a crime and they didn't say anything libelous. But they did bowl really, really slow.
Preity Zinta's men are used to sticky wickets. Disciplinary issues, run-ins with authorities over smoking in public areas, court summons for using pictures of freedom fighters in their promos and allegations of racism (by cheerleaders) have chased them.
On Saturday, days after they were fined $1,40,000 (Rs 64 lakh approximately) for slow over-rate, came an even bigger fine - $2,50,000 (Rs 1.13 crore approximately) - for the same reason. The franchise holders are yet to say if they will absorb the fine. While the top players have contracts worth hundreds of dollars, the earnings of other members hang in the balance. Pegged as a money-spinner, the IPL may well turn out to be the only tournament that leaves its cricketers with less money than they began with.
Showing posts with label Ness Wadia. Show all posts
Showing posts with label Ness Wadia. Show all posts
Tuesday, March 30, 2010
Wednesday, March 24, 2010
Preity Zinta may sell stake in Kings XI Punjab team
Source: business.rediff.com and Business Standard
A day after the two new teams in the fourth season of the Indian Premier League were sold for over Rs 1,500 crore (Rs 15 billion) each, the owners of Kings XI Punjab are understood to have entered into discussions to sell their stake in the team.
According to sources, Preity Zinta and Ness Wadia, owners of KXIP, are looking at offloading their stake in the team for $200 million (Rs 920 crore) to a clutch of investors.
The team was bought by Zinta, Wadia and their business partner, Mohit Burmani, for $76 million (Rs 350 crore at the exchange rate of Rs 46 per dollar) in the first season of IPL in 2008.
However, the management of KXIP said it had no news of any such deal.
"These are mere speculation. In the past, too, there have been rumours of stake sale which turned out to be untrue. The owners have not informed us whether they are selling their stake in the team. We cannot respond to these speculations," said Anil Srivatsa, CEO of KXIP.
Board of Control for Cricket in India officials said Zinta or Wadia might be talking to people for selling their stakes; however, the IPL Governing Council had not been informed.
"These are private deals and the IPL Governing Council does not interfere in such matters. Only when the deal is finalised are the team owners obligated to inform the Governing Council," said Rajiv Shukla, chairman, media and finance committee, BCCI.
A day after the two new teams in the fourth season of the Indian Premier League were sold for over Rs 1,500 crore (Rs 15 billion) each, the owners of Kings XI Punjab are understood to have entered into discussions to sell their stake in the team.
According to sources, Preity Zinta and Ness Wadia, owners of KXIP, are looking at offloading their stake in the team for $200 million (Rs 920 crore) to a clutch of investors.
The team was bought by Zinta, Wadia and their business partner, Mohit Burmani, for $76 million (Rs 350 crore at the exchange rate of Rs 46 per dollar) in the first season of IPL in 2008.
However, the management of KXIP said it had no news of any such deal.
"These are mere speculation. In the past, too, there have been rumours of stake sale which turned out to be untrue. The owners have not informed us whether they are selling their stake in the team. We cannot respond to these speculations," said Anil Srivatsa, CEO of KXIP.
Board of Control for Cricket in India officials said Zinta or Wadia might be talking to people for selling their stakes; however, the IPL Governing Council had not been informed.
"These are private deals and the IPL Governing Council does not interfere in such matters. Only when the deal is finalised are the team owners obligated to inform the Governing Council," said Rajiv Shukla, chairman, media and finance committee, BCCI.
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