Diageo PLC, owners of the Royal Challengers Bengaluru (RCB), have denied rumours of selling their Indian Premier League (IPL) franchise. It was just a week ago that RCB had lifted their maiden IPL trophy. And when, on June 10 early morning, the news came out that Diageo might be interested in selling the franchise, which is reportedly valued at $2 billion (Rs 17,132 crore).
RCB, not getting sold
According to Cricbuzz, Diageo India have written to the Bombay Stock Exchange (BSE) and the BSE Surveillance Department, denying these rumours.
“The company would like to clarify that the aforesaid media reports are speculative in nature and it is not pursuing any such discussion. This is for your information and records,” Mital Sanghvi, Diageo India Vice President of Treasury & Company Secretary, wrote.
Reports suggested that Diageo might be dousing the fire that was lit during the RCB celebrations in Bengaluru. The event saw around 2.3 lakh people gather in and around the M. Chinnaswamy Stadium. And led to the unfortunate demise of 11 individuals due to a stampede and left 50 more injured.
RCB’s evaluation
As far as the evaluation of the franchise is concerned, it’s understood that realistically, RCB might be valued at around $1 billion (Rs 8,500 crore). But according to Lalit Modi, the founder and first chairman of IPL, the newly crowned champions might actually fetch around $2 billion. “I will not be surprised if it is sold for a higher price,” Modi said.
Modi stated that Gujarat Titans being bought by Torrent Group for Rs 7,500 crore (67%), which happened this year, shouldn’t be the barometer for evaluation. One can’t forget that Virat Kohli, the biggest cricketer in the world, is the face of RCB. And their fan base seems to be the largest of any franchise cricket team.
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