Preity Zinta sues Punjab Kings' co-owner over stake sale dispute

Bollywood actress and Punjab Kings’ co-owner Preity Zinta filed a petition with the Chandigarh High Court to prevent her co-owner, Mohit Burman, from selling his shares of the Indian Premier League (IPL) franchise to a third party.

As reported by Indian media outlets, Zinta has approached the court seeking an order to block the potential sale of Burman’s 11.5% stake out of his 48% of the shares in the team. Preity Zinta and Ness Wadia each control 23%. The remaining 6% belongs to Karan Paul.

On August 20, 2024, the Chandigarh High Court has scheduled a hearing for her case. Preity Zinta’s petition highlights ongoing disputes with Burman, prompting her to seek interim relief under Section 9 of the Arbitration and Conciliation Act, 1996.

Mohit Burman, however, has denied any intention of selling his shares, emphasizing his role as a major shareholder and board member of the IPL.

Preity Zinta argued in her petition that Mohit Burman’s proposed sale of 11.5% of his 48% stake breaches their internal agreement, which requires any shares up for sale to be offered first to existing co-owners.

The IPL, comprising ten teams representing various Indian cities, has grown into one of the most money-spinning and popular sports leagues worldwide since its inception by the Board of Control for Cricket in India (BCCI) in 2008.

Among the teams are the Chennai Super Kings, led by MS Dhoni, and the Mumbai Indians, who have won the title five times. Other outstanding teams include the Kolkata Knight Riders, Rajasthan Royals, and the newer franchises, Gujarat Titans and Lucknow Super Giants. These teams not only compete for the championship but also vie for fan loyalty, sponsorships, and media rights, contributing to the league’s estimated valuation of over $10 billion as of 2022.