The Punjab Kings franchise, an IPL franchise, is facing a feud between its owners with a case having reached the High Court of Chandigarh.
According to a report by Cricbuzz actress and co-owner Preity Zinta has filed a lawsuit in order to stop fellow owner Mohit Burman from selling his part of shares in the franchise.
Zinta owns 23% of the stake via KPH Dream Cricket Private Limited for the franchise whereas Burman is selling 11.5% of his shares to unknown persons as he owned 48%.
This breaks internal agreements amongst the stakeholders which demand that any stock meant for sale must first be offered to the existing promoters only within a given period before it can be sold to external parties.
Although Burman has publicly refuted plans about selling his holdings Zinta’s court action indicates that there might have been communication and trust breakdown among owners. This domestic dispute comes amidst escalating values for IPL franchise after two new teams were added in 2022
On this note, potential sales of even some shareholding interests with regard to Punjab Kings could fetch anything between Rs 540-600 crores; and hence making it quite important financial move which could also affect future prospects concerning ownerships.
The hearing date for this case is August 20th meaning there is uncertainty surrounding Punjab Kings. Efforts to communicate with Zinta, Burman and another partner Ness Wadia has borne no fruits.
