THE OWNER of Indian Premier League cricket champions Royal Challengers Bengaluru is considering selling the team, which could be valued at “as much as $2 billion.”
United Spirits Ltd, the Indian arm of global drinks company Diageo, informed the Mumbai Stock Exchange that it had started a “strategic review of the investment” in Royal Challengers Bengaluru (RCB).
Praveen Someshwar, CEO of United Spirits, said the franchise “has been a valuable and strategic asset” but that it was “non-core to our alcobev business,” according to a letter dated Wednesday.
“This step reinforces USL’s and Diageo’s commitment to continue reviewing its India enterprise portfolio,” he said, adding that the company would keep RCB’s “best interest in mind.”
The review, which covers Royal Challengers Sports Pvt, the owner of both the men’s and women’s teams, is expected to conclude by March next year.
RCB won the Indian Premier League title for the first time in June in the annual men’s T20 cricket tournament, which began in 2008.
Soon after, Bloomberg News reported that the owners were “weighing possibilities including a sale of part or all of the club and may seek a valuation of as much as $2 billion.”
A day after their win in Ahmedabad, tragedy struck during RCB’s homecoming trophy parade when 11 fans were killed and more than 50 others injured in a stampede outside Bengaluru’s Chinnaswamy Stadium.
Hundreds of thousands of fans had gathered on the streets to celebrate captain Virat Kohli and his teammates.
Prime minister Narendra Modi described the incident as “absolutely heartrending,” while Kohli said he was “at a loss for words” after the tragedy.
(With inputs from AFP)
