'Why Do I Need RCB? I Don't Even Drink...': Shivakumar On IPL Team Buyout Rumours
Last Updated:
Shivakumar's comments come just days after reports claimed that United Spirits, the Indian arm of UK-based Diageo Plc, was looking to sell stakes in the RCB franchise
Karnataka Deputy Chief Minister DK Shivakumar on Wednesday dismissed rumours suggesting he is planning to buy the Royal Challengers Bengaluru (RCB) franchise, saying he has no interest in the IPL team.
'Why do I need RCB? I don't even drink Royal Challenge," Shivakumar said, referring to the popular liquor brand owned by United Spirits, the current owners of RCB.
Speaking to the media, Shivakumar added, '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."
#WATCH | Delhi | '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," says Karnataka Deputy CM… pic.twitter.com/iZ1K1by206 — ANI (@ANI) June 11, 2025
He further explained that he is already too busy to manage his own educational institutions. 'I don't have time for my own education institutions. I have resigned and left it for my other family members to take care of them," he said.
Shivakumar's comments come just days after media reports claimed that United Spirits, the Indian arm of UK-based Diageo Plc, was looking to sell stakes in the RCB franchise. The speculation gained traction quickly, leading to questions about who might be in talks to acquire the team.
However, United Spirits, which owns the Royal Challengers Bengaluru (RCB) franchise, has firmly denied reports suggesting it is looking to sell its stake in the team. The company, which is the Indian arm of UK-based liquor giant Diageo Plc, issued an official statement to clear the air after media reports sparked speculation about a possible change in ownership.
In a communication to the Bombay Stock Exchange (BSE) and the BSE Surveillance Department, dated 10th June 2025, the company stated: 'This has reference to your email communication dated 10th June 2025 seeking clarification from the Company on media reports in relation to potential stake sale of RCB. The Company would like to clarify that aforesaid media reports are speculative in nature and it is not pursuing any such discussions."
First Published:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
17 minutes ago
- Time of India
Startups raise funds but valuations shrink
This is an AI-generated image, used for representational purposes only BENGALURU: Over the past two years, an increasing number of Indian startups raised capital at significantly lower valuations, reflecting a sustained reset in the late-stage venture funding market. According to data from Tracxn, at least 55 companies across sectors like fintech, SaaS, and consumer internet experienced valuation declines since January 2023. Notable markdowns include Cred, which raised $75 million in May at a valuation of approximately $3.5 billion-down nearly 45% from its 2022 peak of $6.4 billion. Meesho secured $275 million last year at a $3.9 billion valuation, reduced from $4.9 billion previously. Oyo raised $175 million in 2023 at an implied valuation of about $2.5 billion, a steep drop from its earlier high near $10 billion. Swiggy also lowered its valuation targets while preparing for its IPO, raising $46 million in 2023. Beyond these well-known names, valuation markdowns affected a wide range of companies, including Flipkart, Pratilipi, Shiprocket, MobiKwik, GreyHR, Zolo, Lendingkart, Udaan, PayMate, Pepperfry, OfBusiness, Fisdom, and others. These adjustments spanned both primary and secondary transactions, with several companies recalibrating their private valuations in preparation for upcoming public listings. Venture investors point to a combination of inflated valuations during the 2021-2022 boom cycle and a subsequent recalibration of revenue multiples. "The fundamental problem is not with the companies themselves. Many of these companies continue to grow. The markdowns are largely a reset from highly inflated multiples that investors were willing to pay during 2021 and 2022," said Mohan Kumar, founder and managing partner at Avataar Venture Partners. He said that SaaS companies, which saw revenue multiples of 30-100 times during the peak funding period, largely reverted to historical norms. "For late-stage SaaS companies today, if you are growing at 30% and profitable, you may command around 10 times revenue. For others, the multiple is more in the 7-8 times range. The pandemic era was an aberration where free capital distorted pricing," Kumar added. In enterprise software, which saw some of the steepest pandemic-driven valuation spikes, multiple compression drove significant markdowns. Postman, for instance, saw secondary transactions at valuation levels 30-40% below its earlier $5.6 billion peak. Investors now broadly expect valuations to remain tied closely to profitability and revenue growth metrics. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
27 minutes ago
- Time of India
Nothing Phone (3) will be company's first-ever flagship to be manufactured in India
Nothing has confirmed that its upcoming flagship smartphone, the Phone (3), will be manufactured in India . The Phone (3) will be the company's first-ever flagship phone to be produced at Nothing's existing manufacturing facility in Chennai. This facility currently employs over 500 people, with 95% of the workforce being women. This decision is part of the London-based phone maker's strategy to boost its presence in the Indian market. The company wants to use India's position as a developing hub for manufacturing and technological innovation. This move also signifies a stronger focus on local production as Nothing expands its manufacturing capabilities in the producing key products locally, Nothing intends to enhance efficiency, reduce lead times, and respond more quickly to market demand. What Nothing said about making Phone (3) in India Commenting on the development, Akis Evangelidis , co-founder and India President of Nothing, said, 'India has been an important market for us ever since the very beginning of Nothing. Every one of our smartphones has been manufactured here — and Phone (3) proudly joins that list. As we accelerate our growth here, we're doubling down on our investment in local manufacturing , talent, and innovation — fully aligned with the Make in India vision. Phone (3) marks a major milestone: our first true flagship, delivering the very best of Nothing. We can't wait for our Indian users to experience it.' Apart from this, Nothing is also expanding its post-sales support in India. The company now runs five exclusive service centers in Bengaluru, Delhi, Mumbai, Hyderabad, and Chennai, plus 20 priority desks (with 10 more on the way) and over 330 authorized service centers nationwide. 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 With these efforts, the company plans to improve customer experience and provide timely support across regions. Meanwhile, Nothing's retail footprint has grown from 2,000 stores at the start of last year to 10,000 at present, that can help the company to boost its postion in India's smartphone market.
Mint
32 minutes ago
- Mint
Boeing shares sink nearly 5% after deadly Air India 787 Dreamliner crash in Ahmedabad
Boeing Co. shares sank sharply on Thursday following the fatal crash of an Air India Boeing 787-8 Dreamliner in Ahmedabad. The stock closed at $203.60, down nearly 5% from the previous day's close of $214.04. A devastating tragedy struck on Thursday (June 12), as Air India flight AI171, a Boeing 787-8 Dreamliner, crashed shortly after takeoff from Ahmedabad's Sardar Vallabhbhai Patel International Airport, killing 241 of the 242 people on board. The London-bound flight was carrying 230 passengers and 12 crew members. The crash occurred in Meghaninagar area near the airport. Witnesses described seeing a massive fireball and plumes of black smoke rising into the sky. The aircraft reportedly issued a Mayday call moments after departure from runway 23 before vanishing from radar. Among the victims were 169 Indian nationals, 53 British nationals, seven Portuguese nationals, and one Canadian national. The Dreamliner, once touted as a technological leap forward in aviation, has faced multiple production quality issues and delivery delays, prompting heightened scrutiny from regulators and airlines. First fatal crash for 787 raises red flags While Boeing has previously dealt with safety scandals related to its 737 MAX model, Thursday's accident marks a troubling turn for its widebody 787 program. The crash is expected to lead to a fresh wave of investigations and could result in regulatory or legal challenges. Boeing responds with condolences, vows support Boeing President and CEO Kelly Ortberg expressed his condolences and offered full support to Indian investigators. The company confirmed that it is working with India's Aircraft Accident Investigation Bureau (AAIB) and will defer public statements to the agency in accordance with international protocols. "Our deepest condolences go out to the loved ones of the passengers and crew on board Air India Flight 171, as well as everyone affected in Ahmedabad," Ortberg said in a statement. "I have spoken with Air India Chairman N Chandrasekaran to offer our full support,' he said. He also said that a Boeing team stands ready to support the investigation led by India's Aircraft Accident Investigation Bureau. 'Boeing will defer to India's AAIB to provide information about Air India flight 171, in adherence with the United Nations International Civil Aviation Organization protocol,' the US aircraft maker said in the statement. Also Read | Will the Air India crash ground the Dreamliner series and disrupt travel? US Government reacts: NTSB to join probe The National Transportation Safety Board (NTSB) announced it would send a team of investigators to India to assist in the crash probe. The US Federal Aviation Administration (FAA) also confirmed its involvement alongside Boeing and engine manufacturer GE Aerospace. Transportation Secretary Sean Duffy stated: 'The U.S. government will not hesitate to implement any safety recommendations that may arise. We will follow the facts and put safety first.' He also confirmed the FAA and NTSB would send additional resources to India to collect critical data and ensure public safety. A blow to Air India's expansion plans The crash comes at a crucial time for Air India, which has aggressively expanded its fleet since its acquisition by the Tata Group in 2022. In 2023, the airline placed an order for 470 aircraft, including 290 from Boeing. That deal featured 20 additional 787 Dreamliner jets. This is the first fatal crash involving a Boeing Dreamliner, a detail likely to put added pressure on Boeing's already embattled commercial division. Also Read | Air India officially confirms 241 passengers killed in Ahmedabad crash
