DK Shivakumar Denies RCB Purchase Amid Sale Rumours, Diageo Clarifies Ownership

DK Shivakumar, the Deputy Chief Minister of Karnataka, has categorically denied reports that he was in negotiations to acquire the Royal Challengers Bangalore (RCB) franchise. His clever reply was given barely one day after Diageo India, the Indian division of UK-based Diageo Plc, the parent firm of RCB, responded to similar rumours.

Shivakumar told reporters, “I am not a crazy person. My only affiliation is with the Karnataka Cricket Association, which I joined when I was younger. I was offered a position in management, but I don’t have the time. Why is RCB necessary? Royal Challenge isn’t even something I drink.”

After a Bloomberg article stated that Diageo was speaking with possible consultants to consider selling RCB, the rumours gathered steam. According to the article, Diageo, the company that controls RCB through United Spirits Ltd., an Indian subsidiary, would ask for a $2 billion valuation.

The shares of United Spirits, which are traded on the Bombay Stock Exchange (BSE), rose 3.3% on Tuesday morning in response to these rumours, hitting a five-month high. The BSE sought clarification from Diageo as a result of this. The company secretary, Mital Sanghvi, responded by telling authorities that the reports were entirely speculative and that the company was not having any conversations of that nature.

“To be clear, the company is not pursuing any such discussion, and the aforementioned media rumours are speculative in nature. Sanghvi said, “This is for your records and information.

The sale rumours first appeared soon after RCB’s historic IPL triumph. In the Ahmedabad final on June 3, RCB ended their 18-year IPL title drought by defeating Punjab Kings. With over 2.5 lakh people gathering around the Chinnaswamy Stadium for Rajat Patidar’s winning procession, Bengaluru witnessed wild celebrations after the win. Unfortunately, the celebrations descended into tragedy as a rush outside the stadium left 56 people injured and 11 dead.

Despite the fact that fans are still celebrating their long-awaited IPL championship, RCB has been in the spotlight because of the consecutive events.