Hero Honda denies buying stake in KXIP

New Delhi: Hero Honda has flatly denied any information regarding buying stakes in Kings XI Punjab.

"The current media reports about Hero Honda buying stake in Kings XI Punjab is completely baseless and untrue," a Hero Honda statement said on Wednesday.

"We have not had any discussion in this regard either. Hero Honda's association with IPL as an associate sponsor of IPL and the main team sponsor of Delhi Daredevils team remain unchanged."

Sources had earlier told CNN-IBN that Hero Honda bought a majority stake in the franchise for a reported $260 million.

However, Hero Honda's denial means the IPL team continues to be owned by Preity Zinta, Ness Wadia of Bombay Dyeing, Mohit Burman of Dabur and Karan Paul. They had purchased this team in 2008 for $76 million.

"It is not true -- totally baseless. We have not sold Kings XI Punjab to anyone. These are just speculations. We have no information regarding this," Anil Srivatsa, the chief executive of the franchisee, said reacting to reports.

"I don't know from where this news has emerged. We are also verifying from where these reports have come. Give me a couple of hours. Things will become clear," Srivatsa told IANS in Chandigarh.

Kings XI Punjab is led by Kumar Sangakkara, while Tom Moody is the coach.

Hero Honda are the main sponsors for another north India-based team, the Delhi Daredevils.

The Hero Honda group had earlier been linked to picking up an IPL franchisee for the 2011 season, bidding for which will be done within the next two months.

(With Agency inputs)