Diageo, the owner of Royal Challengers Bengaluru (RCB), dismissed rumors of selling the franchise after their IPL victory. Reports surfaced after RCB’s maiden IPL title win, but Diageo clarified to the Bombay Stock Exchange that the claims were speculative. Diageo, through its Indian unit United Spirits Ltd., denied any discussions of selling the club, refuting a Bloomberg report suggesting otherwise. The rumors caused a surge in United Spirits’ shares but were quashed by the company secretary’s statement to the BSE. The timing of the rumors coincided with India’s health ministry’s push to ban tobacco and alcohol promotions in the IPL. Additionally, RCB faced scrutiny following a stampede outside their stadium post-IPL win, resulting in casualties and injuries. The incident raised concerns about event safety and tarnished the franchise’s reputation. Diageo’s swift response to the rumors helped clarify the situation and mitigate potential repercussions for the franchise.
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