Diageo sells Royal Challengers Bengaluru cricket franchise for £1.3bn

Diageo PLC (LSE:DGE), the FTSE 100 drinks group, is selling its Indian Premier League (IPL) cricket franchise for approximately £1.3 billion. United Spirits Limited (USL), Diageo's Mumbai-listed subsidiary, has agreed to sell its entire stake in Royal Challengers Sports Private Limited (RCSPL), the company that owns and operates the Royal Challengers Bengaluru teams in both the IPL and the Women's Premier League (WPL).