Diageo has sold its Indian cricket team to a consortium led by Blackstone for $1.8 billion, marking a significant strategic shift for the global drinks giant. The transaction involves Diageo's subsidiary, United Spirits, which had acquired the cricket team as part of its broader portfolio in India. This move follows a strategic review of the business, indicating Diageo is prioritizing its core beverage operations over sports investments in the world's second-largest beverage market.

The consortium's backing by Blackstone suggests a focus on leveraging the cricket team's brand and audience reach within India's massive sports landscape.