Kings XI Punjab denies selling stake to Hero Honda

New Delhi, Feb.10 (ANI): Owners of the IPL franchise Kings XI Punjab and Hero Honda have both denied a report of a sale of its stake to Hero Honda for 260 million dollars.

Kings XI Punjab was purchased by Bollywood actress Preity Zinta and businessmen Ness Wadia, Mohit Burman and Karan Paul for 76 million dollars in 2008.

Burman told Headlines Today that there were no plans to sell.

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," the company statement added. (ANI)