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New Delhi: Videocon owner Venugopal Dhoot has confirmed plans of buying an IPL team, and that talks were in the final stage with Kings XI Punjab.
Talking at a function here, Dhoot said, "I have offers from many IPL team owners but at the moment it is with Kings XI that the final negotiations related to price are going on. I might buy it all alone but after negotiations I might just get a stake rather than the entire team. I am a businessman and will try my best to get the team at a price that suits me the best".
He also said that he was not disappointed by the team's poor performance this season so far, adding that cricket was only a game with both highs and lows. "The team's performance will not affect my decision of buying it or not. All teams play to win and it's just that the luck sometimes is on the other side", said Venugopal.
Venugopal Dhoot, whose company was earlier in the race for the Pune IPL team said, "We are interested in the Kings XI Punjab team. We are thinking to buy stakes or the full team itself. However, talks are still on for the same as the price is being negotiated.
If it is a profitable business, then we would definitely enter into the business. Talks are on and the deal will be sealed once the terms of conditions are agreed upon by both the parties."
Owners of Kings XI Punjab are planning to exit together and are looking for a consortium which can buy their stakes. It has also been reported that KXIP has been valued at Rs 1000 crore.
It was earlier reported that the Venugopal Dhoot-led Videocon Industries has floated a Special Purpose Vehicle (SPV) to pick stake in the Kings XI team. Pune-based builder Atul Chordia is also reportedly part of the SPV. Dhoot and Chordia along with actors Saif Ali Khan and Kareena Kapoor had formed a consortium to bid for the Pune franchise at the IPL 4 auction but were unsuccessful.
Co-promoters Bollywood actress Preity Zinta, Bombay Dyeing's Ness Wadia, Dabur's Mohit Burman and Apeejay Surendra Group's Karan Paul are planning to exit together, thereby also putting an end to speculation that one or two of the owners could buy out the stake of the others.
Back in 2008, the Kings XI team had bid $76 million to win franchise rights over the Punjab team for a 10-year period.
