'Why do I need RCB? I don't even drink Royal Challenge': Karnataka Deputy CM on buying IPL franchise
AFP Photo
NEW DELHI: Karnataka Deputy Chief Minister DK Shivakumar on Wednesday put an end to speculation linking him with the purchase of the Royal Challengers Bengaluru (RCB) franchise — and he did it in style.
His remarks followed a statement from Diageo India, the owners of RCB and the Indian subsidiary of UK-based Diageo Plc, addressing rumours about a potential sale of the team.
"I am not a mad man. I'm just a member of the Karnataka Cricket Association from my younger days, that's all. I don't have time, though I had offers to be part of the management... Why do I need RCB? I don't even drink Royal Challenge," Shivakumar told news agency ANI.
Diageo India, the Indian branch of UK-based Diageo Plc and owner of the IPL franchise Royal Challengers Bengaluru (RCB), has firmly rejected rumours of selling the team. In a letter addressed to the Bombay Stock Exchange (BSE) and its Surveillance Department on Tuesday, June 10, a Diageo India representative stated that the media reports suggesting a potential sale are purely speculative.
Go Beyond The Boundary with our YouTube channel.
SUBSCRIBE NOW!
"The company would like to clarify that the aforesaid media reports are speculative in nature and it is not pursuing any such discussion," Mital Sanghvi, the company secretary, informed the regulating body of the Indian Stock Market.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
5 Books Warren Buffett Wants You to Read In 2025
Blinkist: Warren Buffett's Reading List
Undo
"This is for your information and records."
'We will try and win this for Virat Kohli': Rajat Patidar before IPL Final
According to a Cricbuzz report, Diageo's statement was in response to a query from the Bombay Stock Exchange, where the company is publicly listed. Since speculation about a possible sale of the RCB franchise began circulating, shares of United Spirits — the Diageo-owned company that holds RCB — have seen a notable uptick.
On Tuesday, Bloomberg reported that Diageo is considering selling the IPL champions.
The report surfaced shortly after RCB's maiden IPL title win on June 3 — a milestone achieved after 17 years — followed tragically by an incident in Bengaluru on June 4, where celebrations turned fatal, leaving 11 dead and many injured.
Though Diageo officially dismissed the sale reports as "speculative," the ambiguity of their statement has sparked deeper speculation.
A seasoned voice in India's sports business ecosystem suggested that 'being a public company, there will be a lot of pressure on reputational damage,' hinting that Diageo could be weighing its options more seriously than publicly admitted.
There are also murmurs about Diageo valuing the RCB franchise at around USD 2 billion. While some industry insiders view that figure as inflated — especially when compared to Torrent's acquisition of Gujarat Titans at approximately INR 7500 crore (around USD 1 billion) — others disagree.
Bold prediction! Astrologer Greenstone Lobo picks winner of Australia vs South Africa WTC Final 2025
Lalit Modi, the architect of the IPL, told Cricbuzz that a USD 2 billion valuation for RCB is quite realistic.
"I will not be surprised if it is sold for a higher price," he remarked, adding that comparing the RCB valuation to that of the newer Gujarat franchise isn't an apples-to-apples comparison.
"I will not be surprised if it is sold for a higher price," he said , stating that the valuation of GT cannot be compared here since it was a one-year-old deal. The sale report remains speculative, as clarified by the Diageo official in the response to the BSE.
"No decision is final and they may decide against selling the team, the people said, asking not to be named as the details are private," the Bloomberg report say
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
33 minutes ago
- NDTV
"Just 24 Or 25...": Ex-India Star's Clear Verdict On Shubman Gill Becoming Test Captain
Former India wicketkeeper-batter Robin Uthappa has praised the selection committee for appointing a young captain in Shubman Gill for the upcoming Test series against England. Gill replaces the now-retired Rohit Sharma at the helm. Virat Kohli too is no longer part of the Test setup following his retirement from the format last month. Uthappa highlighted how Gill, 25, could end up leading the Indian team for the next decade or so if he manages to do well in England. "You have got to give tops to that selection committee because they have gone with foresight. Shubman is just 24 or 25 right now. If he gets this right, then you can see him leading the Indian Test side for the next 10 years, the next decade, and that leaves Indian cricket in great hands because he is a high-quality bat," Uthappa said on Star Sports. Uthappa praised Gill for his leadership during the recently-concluded IPL season, where he led Gujarat Titans to the playoffs after a disappointing first campaign as captain last year. "We have seen his captaincy evolve from last year to this year just in the IPL, just the way he led the Gujarat Titans, the intensity with which he functioned, the decisions he made on the field, and the way he stood up for his teammates with the umpires or anything that happened on the field," he added. Uthappa pointed a bright future for Gill as captain in international cricket. "He is going to be a great leader. He is a smart cricketer. He has got a good brain for the game. He understands his game deeply. He is very talented, and he is a nice human being. He has all the raw materials to become a really good leader," Uthappa explained. "The one thing I like about Shubman is that he will walk his talk as well. He is very organized and diligent around his training and his preparation, which will be a great example to other players. I think he is primed to take on the international scene by storm," he further pointed out.
&w=3840&q=100)
Business Standard
34 minutes ago
- Business Standard
Sensex, Nifty decline amid geopolitical tension and trade uncertainty
Indian equities declined on Thursday amid uncertainty surrounding the US–China trade deal and rising geopolitical tensions. The Sensex ended at 81,692, a decline of 823 points or 1 per cent. The Nifty, meanwhile, ended the session at 24,888, a fall of 253 points or 1.01 per cent. Investors were jittery despite US President Donald Trump's claim on Wednesday that a tariff framework with China had been reached. Concerns about elevated geopolitical tensions further dented sentiment after Iran said it would strike US bases in the Middle East if nuclear talks failed. The US, in response, said its personnel were being moved out of the Middle East as it could become a dangerous place. Geopolitical tensions in the Middle East could push Brent crude prices higher—a key negative for India, which imports most of its crude oil requirements. Aviation stocks declined after a fatal crash of a Boeing 787 Dreamliner operated by Air India left more than 200 people dead. The shares of Indian aviation firms fell. The stock of InterGlobe Aviation, which owns IndiGo, dropped 2.7 per cent, while that of SpiceJet declined by 1.8 per cent. Shares of helicopter services firm Global Vectra Helicorp fell by 0.1 per cent, and those of chartered aircraft carrier Taal Enterprises declined by 3.05 per cent. In the near future, negotiations between the US and its trading partners, as well as geopolitical developments, will determine market direction. 'The Nifty has once again approached the support zone of its short-term moving average—the 20-day EMA—which currently lies around the 24,800 mark. A decisive break below this level could lead the index back into a consolidation phase. Given the prevailing uncertainty, we recommend maintaining strict stop-losses in short-term trades, particularly in the mid-cap and small-cap space. It is also advisable to avoid aggressive long positions until a clearer directional trend emerges,' said Ajit Mishra, senior vice-president – research, Religare Broking. Barring three, all Sensex constituents declined. Larsen & Toubro, which fell 2.2 per cent, was the biggest contributor to the Sensex decline, followed by Infosys, which dropped 1.4 per cent. The market breadth was weak, with 2,780 stocks declining and 1,226 advancing.
Time of India
35 minutes ago
- Time of India
Auto sector pushes 3-step plan to cut China dependence for rare earth magnets
Squeezed for supplies, automakers have made a three-pronged suggestion to improve supplies of rare earth magnets over the next three years to reduce dependence on China. The Indian auto industry made a presentation to the ministry of heavy industries last week detailing strategies to attain self-sufficiency in supply chains . It suggested incentives for Indian companies to start local assembly of rare earth magnets, recycling of used magnets and outreach to resource-rich countries such as Australia, Vietnam, Chile, and Peru to secure supplies. Over a longer 3-10 years phase, they have proposed incentives to be introduced for large industrial players to set up manufacturing units for rare earth magnets with backward integration for raw material. Auto parts makers are likely to run out of stock of rare earth magnets early next month, which is likely to affect production of about a dozen critical components that go into electric vehicle motors as well as vehicle speed detection and automatic gear shifting systems. China announced export controls on medium and heavy rare earth-related items with a view to 'safeguarding national security' on April 4 in response to US President Donald Trump's tariffs. China accounts for about 70% of global rare earth metals mining and nearly 90% of production. 'The goal should be to ensure that India develops not only downstream capabilities but also upstream processing infrastructure', automakers said in the presentation, a copy of which was reviewed by ET. 'Financial and policy support must be provided to encourage public private partnership,' to build a complete domestic value chain, it said. This would include incentives for encouraging local mining and production of heavy rare earth magnets. However, till the time local mining, ore magnet production arrangements are done, the government must undertake measures to arrange for import from non-China based sources like Vietnam, Brazil, Russia, among others. In the near-term, though, the industry has said that the Indian government engages with counterparts in Beijing to relax export restrictions and help in expediting export control licenses so that automobile production in the country is not disrupted. 'While those making electric vehicles will be particularly impacted, the restriction eventually will affect all companies as these magnets are used in several key components including in electric power steering, parts for engine cooling and sensing exhaust gas concentration, engine spark ignition, among others,' said a senior industry executive on condition of anonymity, While some parts makers in Europe recently got approvals to source rare earth magnets, their Indian arms are yet to get a go-ahead from the Chinese ministry of commerce. The issue is complicated by the tense business and political relationship between India and China, experts said. As many as 35 Indian component makers import rare earth magnets from China. In its latest report CareEdge Ratings said delays in rare earth elements (REE) shipments for Indian auto OEMs may impact electric, Internal Combustion Engine (ICE) and hybrid vehicle production starting July 2025, particularly higher-end models that depend on REE-based technologies. 'Automakers might need to shift focus to mid-range or base models to address supply disruption. However, China's recent decision to temporarily allow REE exports to top US automakers offers hope for resolving the impasse for Indian companies as well', the ratings agency said in a note Thursday.
