Vijay Mallya takes swipe at critics who laughed at his investment in RCB as ‘vanity project’
Fugitive businessman Vijay Mallya reacted to Royal Challengers Bangalore’s nearly $2 billion sale, defending his original investment and calling it gratifying. He congratulated new owners, recalling early criticism while highlighting the franchise’s massive value growth over time
New Delhi: Fugitive businessman Vijay Mallya, the original owner of Royal Challenger Bangalore, on Thursday took a dig at critics who called it “investment as a vanity project” after the cricket franchise was sold for almost US$ 2 billion (Rs 18,776 crore).
Mallya, who had bought Royal Challenger Bangalore (RCB) for Rs 450 crore in 2008, in a post on X congratulated the new owners of RCB, saying, “I wish them the very best and Godspeed with the most valuable IPL franchise.”
The sale of cricket franchise RCB by United Spirits Ltd (USL) almost tops a record USD 2 billion (Rs 18,776 crore), considering it also includes a Rs 540-crore payout for the Women’s Premier League and a 5 per cent commission to the cricket body BCCI by the consortium of buyers, according to sources.
USL had on Tuesday announced the sale of RCB in a Rs 16,660-crore all-cash deal to a consortium of Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone.
Reacting to the development, Mallya wrote, “When I bought the franchise in 2008 for Rs 450 crore, most people laughed at me and criticised my investment as a vanity project.” He further said, “Behind my much touted madnesses was building the Royal Challenge brand and hence I named the franchise RCB.”
He noted that it was “immensely gratifying to see my Rs 450 crore investment grow to Rs 16,500 crore (Rs 16,660 crore).” Mallya said RCB will always remain a part of his DNA with “indelible memories including picking the young Virat Kohli who is now amongst the best in the World”.
In his post, Mallya thanked all RCB fans who came on board during his “stewardship and beyond” asking them , “to support RCB the Lion of Bengaluru. Namaskara”.
Mallya, who fled to the UK in March 2016, is wanted in India over a default of Rs 9,000 crore that was loaned to erstwhile Kingfisher Airlines (KFA) by several banks.
India has been seeking Mallya’s extradition from the UK. He had in the past offered to repay 100 per cent of “public money” but accused the banks and government of refusing his offer.
