'Criticised my investment as a vanity project': Vijay Mallya reacts to RCB sale

RCB franchise is one of the original eight teams that were sold in 2008. Vijay Mallya bought the Bengaluru-based team for $111.6 million.

As Royal Challengers Bengaluru (RCB) is set to be sold for a record $1.78 billion (approximately Rs 16700 crore) to a four-group consortium of Aditya Birla Group (ABG), Times of India Group (ToI), Bolt Ventures and Blackstone's perpetual private equity strategy, BXPE.

The sale sees a massive jump in RCB's value. The franchise is one of the original eight teams that were sold in 2008. At the time, liquor baron Vijay Mallya bought the Bengaluru-based team for $111.6 million (approximately 446 crore; $1= Rs 40 then)

Following this, Mallya, on Thursday took a dig at critics who called it "investment as a vanity project." 

In a post on X, Mallya, congratulated the new owners of RCB, saying, "I wish them the very best and Godspeed with the most valuable IPL franchise."

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 Kingfisher Airlines (KFA) by several banks.

India has been seeking Mallya's extradition from the UK.