The logo initially consisted the RC emblem in yellow on a circular red base with the black text "Royal Challengers Bangalore" in standard format surrounding the circular logo. The brand value of Royal Challengers Bangalore was estimated to be ₹595 crore (US$83 million) in 2019, according to a survey conducted by Duff & Phelps. This was the second highest bid for a team, next only to Reliance Industries' bid of US$111.9 million for the Mumbai Indians. The Bangalore franchise was purchased by Vijay Mallya, who paid US$111.6 million for it. The teams for the competition, representing 8 different cities of India, including Bangalore, were put up on auction in Mumbai on 20 February 2008. In September 2007, the Board of Control for Cricket in India (BCCI) announced the establishment of the Indian Premier League, a Twenty20 competition to be started in 2008. The team holds the records of both the highest and the lowest totals in the IPL – 263/5 and 49 respectively. Their lack of success over the years despite the presence of various notable players has earned them the tag of "underachievers". The Royal Challengers have never won the IPL but finished runners-up on three occasions between 20. Since its inception, the team has played its home matches at the M. It was founded in 2008 by United Spirits and named after the company's liquor brand Royal Challenge. The Royal Challengers Bangalore (often abbreviated as RCB) are a franchise cricket team based in Bangalore, Karnataka, that plays in the Indian Premier League (IPL).
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