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Stake sale offer from many IPL team promoters: Videocon

Stake sale offer from many IPL team promoters: Videocon
PTI
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First Published: Thu, Apr 15 2010. 04 25 PM IST
Updated: Thu, Apr 15 2010. 04 25 PM IST
Chandigarh: After losing out on securing a team for itself in the recently concluded bid, Videocon Industries on Thursday said it is talking to promoters of many IPL franchises to buy a stake.
The group chief Venugopal Dhoot, who debunked reports of plans to buy Ness Wadia’s 26% stake in Kings XI Punjab, said that he has received several proposals from promoters of IPL franchises who want to sell their stake.
He, however, said that he would buy the stake at the right price.
“I have been receiving several proposals from promoters of IPL franchises..and I have also been in talks with several promoters to buy their stake...but I will buy the stake at a price which is profitable to me,” Cchairman of Videocon Group, Venugopal Dhoot told reporters here today while replying to a query on buying stake in IPL franchises.
However, Dhoot refused to divulge the names of the promoters who proposed to sell their stake.
Dhoot said that he loved cricket, which prompted him to have business interest in this sport. “It is because of the love for cricket we decided to have presence in IPL. We had bid for a team at $320 million but we were at number three position in that bidding process. Then we decided to buy some stake in an IPL team,” he said.
Videocon had earlier lost its bid of $320 million to Sahara Adventure to buy the Pune franchise. Sahara had paid $370 million.
In a newspaper report on Thursday, Dhoot ruled out the possibility of buying a stake in Kings XI Punjab (KXIP).
“I am a businessman and it does not make sense for me to buy a stake in that team and as of today, I am not buying it,” he was quoted as saying by Business Standard.
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First Published: Thu, Apr 15 2010. 04 25 PM IST