Jointly owned by Bollywood actress Preity Zinta, Karan Paul (Apeejay Surendera Group) and Mohit Burman, the Punjab had a fabulous first season, where they finished second on the points table with the help of Shaun Marsh who was a one-man army for his team. Unfortunately for the franchise, the team failed to live up to its standards in the next two editions. However, in 2011, with senior Australian player Adam Gilchrist leading from the front, the team fought its way back into the competition but still struggled to make it to the play-offs.
The 2012 auctions, though, saw the franchise making a few changes in their squad for the fifth season. Former Pakistani cricketer Azhar Mahmood (now with an English citizenship), Ramesh Powar and James Faulkner were bought by Punjab, while Dinesh Karthik was transferred to the Mumbai camp in exchange of Rajagopal Sathish. Punjab had a quiet first half but bounced back dangerously in the second, only to disappear in thin air when it mattered. They had to be content with a 6th place finish in the end.