KPH Dream, which owns IPL franchisee outfit Kings XI Punjab, recorded accumulated losses of Rs 32.82 crore in 2009-10.

In financial statements filed with Registrars of Companies here, KPH Dream has reported a net loss of Rs 35.26 crore for the year 2010-11, highest loss suffered by the company since the commencement of IPL in 2008.

Kings XI Punjab was reportedly looking at reaching break- even by March, 2011.

Besides, the company's expenses were much higher than the income it generated. It reported total income of Rs 49.88 crore against the total expenditure of Rs 85.14 crore in 2010-11.

The company's total income dipped to Rs 49.88 crore in 2010-11 against Rs 94.38 crore earned in 2009-10, as per the details submitted.

Kings XI Punjab's major source of income has been from franchise rights and sponsorship fee which stood at Rs 27.33 crore and Rs 14.94 crore, respectively, although company's income from ticket sales was just Rs 5.74 crore in 2010-11.

The company's maximum expenditure has been on depreciation and players cost, including players' fee at Rs 30.62 crore and Rs 15.93 crore, respectively in 2010-11, as per company's financial statement.

KPH Dream had committed USD 76 million as franchise cost for over 10 years.