Indian Premier League cricket champions Royal Challengers Bengaluru are considering selling the team, which could be worth up to two billion dollars.
United Spirits Ltd, the Indian arm of global beverage giant Davies, told the Mumbai Stock Exchange that it has begun a ‘strategic review of disinvestment’ in Royal Challengers Bengaluru.
United Spirits CEO Praveen Someshwar said it “has been a valuable and strategic asset” but that Alcubio was “non-core to our business” in a letter on Wednesday.
“This step reinforces the commitment of USL and Diageo to continue to review their India enterprise portfolio,” he said, keeping in mind the best interest of Royal Challengers Bengaluru.
The review, which is expected to conclude in March next year, is by Royal Challengers Sports Pvt., which owns both the men’s and women’s teams.
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Royal Challengers Bengaluru clinched the Indian Premier League title for the first time in June in the mini-rotating annual men’s T20 cricket tournament that was founded in 2008.
Bloomberg News reported shortly thereafter that the owners were “evaluating options, including selling part or all of the club, and could seek as much as $2 billion.”
A day after winning the final in Ahmedabad, tragedy struck Royal Challengers Bengaluru’s homecoming trophy parade, when 11 fans were crushed to death and more than 50 injured in a stampede outside Bengaluru’s Chinnaswamy Stadium.
Millions of people thronged the streets of the city to welcome their hero Virat Kohli and his victorious teammates.
Prime Minister Narendra Modi described it as ‘absolutely heartbreaking’ and Kohli said he was ‘at a loss for words’ following the tragedy.
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