Dubai's deputy ruler Sheikh Hamdan bin Rashid dies at 75
Dubai, Mar 24: Sheikh Hamdan bin Rashid Al Maktoum, deputy ruler of Dubai and the finance minister of the United Arab Emirates, has died, his brother said on Wednesday. He was 75.
Sheikh Hamdan served as deputy leader of Dubai under his brother, Sheikh Mohammed bin Rashid Al Maktoum, the hereditary ruler of the city-state who also serves as prime minister and vice president of the UAE.
Emirati officials announced his death without specifying the cause. Sheikh Hamdan had been in poor health for several months. Last fall, he flew abroad for an unspecified surgery and in recent weeks his brother Sheikh Mohammed tweeted prayers for his recovery.
Born December 25, 1949, the second son of late ruler Sheikh Rashid Bin Saeed Al Maktoum, he grew up in what was known as the Trucial States, a collection of Arab sheikhdoms along the southern shore of the Persian Gulf that were part of a British protectorate since 1820.
When the UAE formed its first Cabinet in 1971, Sheikh Hamdan became finance minister and held the post until his death, attracting foreign investment, managing the country's oil wealth and, along with his brother, overseeing the transformation of Dubai into a regional financial hub. The country separately has a minister of state for financial affairs.
He led Emirati delegations to the International Monetary Fund and the Organization of the Petroleum Exporting Countries (OPEC) Fund for international development. Sheikh Hamdan controlled a wide array of conglomerates reaching across Dubai's economy, such as the Dubai Ports Authority, Dubai World Trade Center and Dubai Natural Gas Company Limited.
Like his brother, he became a big name in horse racing out of the UAE, founding Shadwell Racing in 1981, an operation with a legacy of producing star thoroughbreds.
His funeral service will be restricted to family because of COVID-19, according to Dubai's government-run media office, which ordered government offices closed for three days of mourning.
Today we lost one of the most loyal men of the UAE after a life full of giving and sincere patriotism, wrote the country's de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan.
إنا لله وإنا إليه راجعون ... رحمك الله يا أخي وسندي ورفيق دربي.. وأحسن مثواك .. وضعت رحالك عند رب كريم رحيم عظيم .. pic.twitter.com/xAw3rXIwoj
— HH Sheikh Mohammed (@HHShkMohd) March 24, 2021
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Aditya Birla Group-led consortium acquires RCB for USD 1.78 billion
Bengaluru (PTI): A consortium led by the Aditya Birla Group (ABG) on Tuesday acquired 100 percent equity stake in IPL franchise Royal Challengers Bengaluru for a whopping USD 1.78 billion (approximately Rs 16,706 crore) from its current owner the United Spirits Limited.
Other parties involved in the group are -- Blackstone’s perpetual private equity strategy, BXPE, a firm of which Viral Patel is the CEO, Bolt Ventures, owned by American investor David Blitzer, and media conglomerate Times of India.
“United Spirits Limited, pursuant to the meeting of its Board of Directors, today announced that it has entered into definitive agreements for the sale of the 100 percent equity stake held in its wholly owned subsidiary Royal Challengers Sports Private Limited (RCSPL) to a consortium,” the USL said in a statement.
“The consortium comprises Aditya Birla Group (ABG), The Times of India Group (Times), Bolt Ventures (Bolt), and Blackstone’s perpetual private equity strategy, BXPE (Blackstone) for a total consideration of INR 166.6 bn in an all cash transaction,” the statement added.
The transaction includes RCB's men’s and women’s (WPL) teams.
“RCSPL owns and operates Royal Challengers Bengaluru (RCB) franchises that participate in the Indian Premier League (IPL) and Women’s Premier League (WPL).
“Upon completion of this transaction, the consortium will, through its ownership of RCSPL, acquire the rights to own and operate the IPL and WPL franchise,” said the USL.
The announcement also concluded the strategic review of RCSPL that was initiated by USL on November 5, 2025.
The United Spirits Limited is a subsidiary of UK-Diageo, and they were keen to move away from RCB as the team was not central to their business plans.
Commenting on the transaction, Praveen Someshwar, MD & CEO, USL, said: “This transaction marks an important milestone for USL as we sharpen focus on our core beverage alcohol business to unlock its true potential. RCB has grown into the most prominent and commercially successful franchise in the IPL and WPL.
“We are excited for the future of RCB under the stewardship of the new owner. As Sports enters a new phase of growth in India & globally, we believe this is in the best interest of the franchise and our stakeholders.”
Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “Over the past 2 decades, the IPL has morphed to become a global sporting powerhouse that has changed the face of Indian cricket creating enormous value for India.
“RCB, as one of the most compelling franchises in modern sport, offers the Aditya Birla Group a distinctive platform to extend its legacy of institution-building into the arena of global sport.”
As per the sale agreement, Aryaman Vikram Birla, ABG’s director, will be the chairman of RCB while Satyan Gajwani of Times of India will be his deputy.
Aryaman Birla, said: “It is a privilege to come together in this partnership to shape the next phase of growth for RCB. This partnership brings together a deep understanding of sports, media and consumer businesses.
“Together, we will continue to Play Bold -- on the pitch, in the community, and for the fans who make RCB what it is.”
Gajwani, Chairman, Times Internet Limited, said: “RCB is the reigning champion and the most popular brand in the IPL. We will build RCB into a global sporting institution, while remaining rooted in Bengaluru and Karnataka and its incredible fanbase.”
Blitzer hoped to build on RCB’s recent success.
“RCB has a world-class fanbase, and the IPL is one of the great growth stories in global sport. Having invested in clubs and leagues around the world, I believe the opportunity at RCB stands out.
We look forward to working alongside our partners and the BCCI to build on the franchise’s championship success,” he said.
Patel praised the RCB as one of the strongest sporting brands in the world.
“We are excited to invest in RCB, building on Blackstone’s long-standing commitment to India. RCB stands out as one of the most popular sports franchises in the world with a powerful brand, a loyal fan base, and multiple avenues for growth,” he added.
However, formalities such as ratification from the BCCI, IPL Governing Council, its WPL counterpart and the Competition Commission of India are still pending.
Earlier, IPL franchise Rajasthan Royals was acquired by US-based Kal Somani-led consortium for USD 1.63 billion (approx Rs 15,290 crore),
The Somani-led consortium includes Rob Walton from the Walmart family and Hamp family (Ford motor company).
Somani is an Arizona-based tech entrepreneur who has founded IntraEdge (technology services and solutions), Truyo.Ai (data privacy rights and AI governance) and Academian (edtech services).
The other contenders to buy the team, which won the inaugural trophy in 2008, were the Times Internet-led consortium, the Aditya Birla Group and the Mittal family led by ArcelorMittal CEO Aditya Mittal.
