New Delhi, Dec. 8 -- On 5 November, United Spirits Ltd (better known as Diageo India) informed the stock exchanges that it was "initiating a strategic review" of its investment in its 100% subsidiary that owns the two Royal Challengers Bengaluru (RCB) cricket franchises. The liquor major was considering whether to stay invested in the business of running cricket teams or not.

The names of potential suitors being floated in unconfirmed media reports to buy one of the 10 teams of the marquee Indian Premier League (IPL) included the promoters of the Adani Group, Manipal Group, Serum Institute of India and Zerodha.

As is often the case these days, the chatter on social media preceded the filing. On 1 October, more than a month before United...