Vijay Mallya reveals untold story of buying IPL team; Lalit Modi's impressive pitch: 'Lost Mumbai by very small amount'

Former Royal Challengers Bengaluru owner Vijay Mallya opened up about what inspired him to purchase an IPL franchise back in 2008, at a time when T20 cricket was only beginning to gain traction among fans. The decision to introduce a large-scale franchise league model seemed like a bold and risky venture for the BCCI in 2007. Yet, Lalit Modi, the board's vice-president and the league's inaugural chairman, possessed a vision and committed determination to transform it into something extraordinary. Vijay Mallya shares details about buying an IPL team in 2008.(Instagram/@vijaymallyaofficial)

Mallya was one of the few high-profile names of the country who got associated with the league from the inaugural edition itself. He bought the Bengaluru-based franchise for USD 111.6 million back in 2008 and named it Royal Challengers Bangalore.

The liquor baron, who is accused of defaulting on loans worth several crores from Indian banks, shared how Lalit Modi made an impressive pitch to him for buying an IPL team. Mallya also disclosed that he had placed a bid for the Mumbai franchise but narrowly missed out, with Reliance Industries, led by Mukesh Ambani, ultimately securing the team for USD 111.9 million.

"I was very impressed with the pitch that Lalit Modi made to the BCCI committee about this league. He called me one day and said ok, teams are going to be auctioned. Are you going to buy it? So, I bid from three franchises, and I lost Mumbai by a very small amount of money," Mallya said on a podcast with Raj Shamani.

Mallya claimed that he saw the cash-rich league as a game-changer for Indian cricket, which is why he decided to make a lucrative bid to get a team.

"When I bid for the RCB franchise in 2008, I saw the IPL as a game-changer for Indian cricket. My vision was to create a team that embodied the spirit of Bangalore—vibrant, dynamic, glamorous," he added.

‘I tied it to Royal Challenge to give it bold identity’: Vijay Mallya

Mallya said that his vision was to give the franchise a bold identity by associating it with one of their top-selling liquor brands, and named it Royal Challengers Bangalore.

"I paid $112 million, the second-highest bid, because I believed in the potential. I wanted RCB to be a brand that stood for excellence, not just on the field but off it too. That's why I tied it to Royal Challenge, one of our top-selling liquor brands, to give it that bold identity," he added.

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