Abramovich may buy Kings XI Punjab

Chelsea boss Russian billionaire Roman Abramovich could be the first overseas entrant in the lucrative Indian Premier League (IPL) as his UK-based firm is negotiating to buy Kings XI Punjab, the Times of India reported on Wednesday.

The buy-out could be just what the UK-based private equity firm ISIS -- whose prime investors include Abramovich -- wants, since IPL is the most popular T20 cricket league and features some of the best names in world cricket.

The newspaper quoted unnamed sources who pegged the club's sale price at around $250 million.

Mired in a series of tax investigations, the IPL franchise from India's Punjab state, the club is currently owned by eight companies and individuals including Bollywood actoress Priety Zinta.

While no one from the UK firm was available for comments, the report quoted the Kings XI Punjab co-owner Mohit Burman as saying the franchise "has been in talks with ISIS."
 

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