Kings XI Punjab denies selling stake to Hero Honda

Reports of a move by IPL franchise Kings XI Punjab to sell its stake to Hero Honda have been denied by both parties. The development, reported by CNN-IBN and other news outlets, suggested the franchise would be sold for $260 million and an announcement was in the offing. However, both parties have subsequently issued denials of any such deal.

Punjab was purchased by Bollywood actress Preity Zinta and businessmen Ness Wadia, Mohit Burman and Karan Paul for $76 million in 2008. Burman told the television channel Headlines Today that there were no plans to sell in the near future.

Hero Honda, the world's second-larget manufacturer of two-wheelers, also issued a statement denying the reports. "The current media reports about Hero Honda buying stake in Kings XI Punjab is completely baseless and untrue. We have not had any discussion in this regard either," it said. "Hero Honda's association with IPL as an associate sponsor and the main team sponsor of Delhi Daredevils remains unchanged."