The sale of the Royal Challengers Bengaluru (RCB) was rumored days after the club won its first Indian Premier League (IPL) championship by defeating the Punjab Kings in Ahmedabad. But on Tuesday, Diageo India, the Indian subsidiary of the British multinational corporation Diageo Plc, refuted the rumors outright, stating in a statement to the Bombay Stock Exchange (BSE) and the BSE Surveillance Department that the stories were nothing more than conjecture.

According to a Bloomberg story from earlier, the British distiller has been speaking with possible consultants about the sale of all or a portion of the club. The team is owned by Diageo through its Indian arm, United Spirits Ltd., which might attempt a valuation of up to $2 billion.

Nonetheless, Mital Sanghvi, the corporate secretary, sent a letter to the BSE, the regulatory body for the Indian stock market, in which he said, "The company would like to clarify that the aforementioned media reports are speculative in nature and it is not pursuing any such discussion. This is for your information and records." This put an end to the rumors.

Following rumors about a potential deal, Diageo's share price rose because the corporation is listed on the BSE. United Spirits' shares surged by as much as 3.3% in Mumbai trading on Tuesday morning, reaching a five-month high.

At a time when India's health ministry is considering prohibiting the advertisement of tobacco and alcohol brands in the IPL, the rumors surfaced. Even though India has stringent regulations against the marketing of such items, Diageo has used prominent cricketers to promote other goods like soda.

Additionally, the conversations occurred at a time when RCB was embroiled in a dispute over the regrettable events that occurred outside the Chinnaswamy stadium on June 4. One day after the IPL victory, the franchise organized a celebration in the city that drew about 2.5 million fans to the area around the home stadium in Bengaluru. But everything became mayhem when a stampede resulted in 11 fatalities and 56 injuries. The incident has sparked public outcry and increased examination of event security by municipal officials, putting more pressure on the franchise's ownership as it deals with potential reputational dangers related to the catastrophe.

Read Also: Agarkar, BCCI Advised to Give Shreyas Iyer Another Look for Captaincy After Unheard IPL Tale

Get the latest Bollywood entertainment news, trending celebrity news, latest celebrity news, new movie reviews, latest entertainment news, latest Bollywood news, and Bollywood celebrity fashion & style updates!

HOW DID YOU LIKE THIS ARTICLE? CHOOSE YOUR EMOTICON!