Vijay Mallya Takes Dig at Critics Over RCB 'Vanity Project' Label After Record Sale
Fugitive businessman Vijay Mallya, the original owner of Royal Challengers Bengaluru (RCB), has issued a pointed response to critics who dismissed his 2008 purchase of the cricket franchise as a mere "vanity project." This comes in the wake of RCB's monumental sale for nearly Rs 16,660 crore, a staggering increase from its initial cost of Rs 450 crore.
From Mockery to Multibillion-Dollar Valuation
In a recent post on social media platform X, Mallya recalled the skepticism he faced when acquiring RCB. "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 stated. He emphasized that his strategy was always focused on building the Royal Challenge brand, which inspired the team's name.
The sale, announced by United Spirits Ltd (USL), involves an all-cash deal of Rs 16,660 crore to a consortium comprising the Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone. Sources indicate that the total transaction value approaches USD 2 billion (approximately Rs 18,776 crore), factoring in additional payouts for the Women's Premier League and a commission to the Board of Control for Cricket in India (BCCI).
Mallya's Gratification and Legacy
Expressing his satisfaction, Mallya noted, "It is immensely gratifying to see my Rs 450 crore investment grow to Rs 16,500 crore (Rs 16,660 crore)." He extended congratulations to the new owners, wishing them success with what he termed "the most valuable IPL franchise."
Reflecting on his tenure, Mallya highlighted key moments, including the selection of a young Virat Kohli, who has since become one of the world's top cricketers. "RCB will always remain a part of my DNA with indelible memories," he affirmed, thanking fans for their support and urging them to continue backing "RCB the Lion of Bengaluru."
Background and Ongoing Legal Issues
Mallya, who fled to the United Kingdom in March 2016, faces extradition proceedings in India related to a default of approximately Rs 9,000 crore in loans from various banks to the defunct Kingfisher Airlines. Despite past offers to repay the full amount, he has accused banks and the government of rejecting his proposals, complicating his legal standing.
This development underscores the dramatic evolution of IPL franchises from speculative ventures to high-value assets, with RCB's sale marking a significant milestone in sports business history.
