American Marconi Wireless News - IPL champions Bengaluru could be sold for 'as much as $2 billion'

United Spirits Ltd, the Indian arm of global drinks giant Diageo, told the Mumbai Stock Exchange that it had begun a "strategic review of the investment" in Royal Challengers Bengaluru (RCB).

Praveen Someshwar, United Spirits CEO, said it "has been a valuable and strategic asset" but that it was "non-core to our alcobev business" in a letter dated Wednesday.

"This step reinforces USL's and Diageo's commitment to continue reviewing its India enterprise portfolio," he added, while keeping RCB's "best interest in mind".

The review, expected to conclude in March next year, is of Royal Challengers Sports Pvt, the owner of both the men's and women's teams.

RCB lifted the Indian Premier League title in June for the first time in the money-spinning annual men's T20 cricket tournament which was founded in 2008.

Bloomberg News reported soon after that the owners were "weighing possibilities including a sale of part or all of the club and may seek a valuation of as much as $2 billion".

A day after the final triumph in Ahmedabad, disaster struck RCB's homecoming trophy parade when 11 fans were crushed to death and more than 50 others injured in a stampede outside the Chinnaswamy stadium in Bengaluru.

Hundreds of thousands had gathered on the streets of the city to welcome home their hero Virat Kohli and his victorious teammates.

Prime Minister Narendra Modi called it "absolutely heartrending" and Kohli said he was "at a loss for words" after the tragedy.

P.Costa--AMWN