Two-wheeler giants and IPL associate sponsors Hero Honda on Wednesday rubbished media reports, which claimed that they have bought stake in Indian Premier League franchise Kings XI Punjab.
The company said categorically that such a move was never discussed at any level.
"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," Hero Honda, world's largest two manufacturers, said in a statement.
Media reports claimed that Hero Honda have bought stake in Bollywood star Preity Zinta co-owned Kings XI Punjab.
The Hero Honda also asserted that their association with the BCCI-floated IPL and Delhi Daredevils, one of the eight franchises in the Twenty20 competition, continue to be the same.
"Hero Honda's association with IPL as an associate sponsor and the main team sponsor of Delhi Daredevils team remain unchanged," they said in statement.
Meanwhile, the Kings XI Punjab has also dismissed the reported buy out.
"Hero Honda has not bought KXIP. The promoters of Kings XI Punjab firmly deny the speculative reportage in the media on their stake sale," a statement by the Kings XI Punjab said.
"At the time of the release of this statement, Kings XI Punjab continues to be co-owned by a consortium which includes, Industrialists Mohit & Gaurav Burman, Karan Paul, Ness Wadia and leading Indian actor Preity Zinta," the statement added.
The third edition of the IPL will begin on March 12 with opening match between reigning champions Deccan Chargers and Kolkata Knight Riders in Hyderabad.