IPL 2016: After stepping down as USL chief, Vijay Mallya to be Royal Challengers Bangalore mentor
New Delhi: Vijay Mallya on Wednesday stepped down as United Spirits' chairman.
According to the agreement, Diageo will not just pay him a whooping Rs 515 crore but also absolve him of all liabilities over alleged financial lapses at the company founded by his family.
"Having recently turned 60, I have decided to spend more time in England, closer to my children," said Mallya
With him resigning from boards of all USL group firms, Mallya is no longer in a position to control IPL team Royal Challengers Bangalore.
However, his son Sidhartha will be director of the firm that runs RCB, while Mallya will become chief mentor of the franchise.(PTI)
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