RCB Owner Diageo Responds to Sale Speculation After IPL Win

In the wake of Royal Challengers Bengaluru’s (RCB) IPL triumph, rumors of a franchise sale circulated. Diageo India, the parent company of RCB, has refuted these claims. Diageo issued a statement to the Bombay Stock Exchange (BSE) to clarify that reports suggesting a sale are speculative. The company emphasized that it is not engaged in any discussions related to selling the team. This follows a Bloomberg report indicating early discussions with advisors about a possible partial or full sale of RCB, with the franchise potentially valued at $2 billion. The announcement caused a surge in United Spirits’ shares on the Mumbai bourse. The company’s response was triggered by the rise in share prices and the formal notification to the BSE was made, with Company Secretary Mital Sanghvi explaining the company’s stand. The situation is compounded by the recent tragic stampede at a Bengaluru celebration for the team’s victory, which led to casualties and criticism of event safety measures.