New Delhi:Hero Honda, an associate sponsor of the IPL, on Wednesday denied the reports of buying out IPL team Kings XI Punjab.
Earlier, there were reports the IPL's Punjab outfit, owned by actor Preity Zinta, Bombay Dyeing's Ness Wadia, Dabur's Mohit Burman and Karan Paul of the Apeejay Surendera Group, had been bought by Heron Honda for $260 million.
Rebuffing such reports, it said in an official statement, "The current media reports about Hero Honda buying stake in Kings XI Punjab are completely baseless and untrue. We have not had any discussion in this regard either".
It also said that their association with IPL as an associate sponsor of IPL and the main team sponsor of Delhi Daredevils team remains unchanged.