Although the final papers of sale deed were signed by the owners of the Titos on Monday according to the sources, the process began two years back in the year 2019. Although Mr. Ricardo, one of the owners of the Titos holds the state machinery responsible for his decision, there were no such mentions were done since 2019 when the actual process of the sale of Goa’s Iconic nightclub commenced.
According to the social media post of Mr. Ricardo Dsouza, director and partner of Titos Nightclub and allied businesses came crashing on the state machinery for their so-called harassments and double standards. According to Mr. Ricardo, he was forced to sell his entire business in Goa due to the harassment from Police, PDA (Planning Development Authority) CRZ (Coastal Regulatory Zone), NGOs, Local Village Panchayat, BDO (Block Development Officer), and the Deputy Collector.
“It is with sadness but with anger that we have sold our entire business in Goa. I personally have suffered the least as I was compensated adequately and even my future generations won’t have to work. I will also share some with our staff, but in the long term, they now have no jobs. Can I please ask our officials to employ them as I do not ever plan any more business in Goa? By ” officials” I mean all the harassing lot, like police, PDA, CRZ, NGOs, panchayat n sarpanches ( not Shawn Martins ), BDO, Dy Collectors, Am very grateful to certain segments of the Government like Dr. Sawant, the IAS officers, ex-staff, present staff, our neighbors, all my friends and family and the common people of Goa who all contributed to this great Brand called TITOS. End of an Era!,” He wrote on his social media post.
The overall picture in the media was created that Ricky (as Mr. Ricardo known in his close circle) was pushed towards the wall by the authorities, bureaucrats, and the politicians and that he had no other options in front of him but to sell the legacy of his family that was established by his father in 1971.
Although the name of the new owners is not yet disclosed by the D’Souza family it is confirmed that this Goan legacy was sold to the outsider (the business entity or an individual who is not Goan).
Most of the national, as well as local media, had covered the story of the sale of Titos but none had aware of the fact that the move of selling the Titos started in the month of February 2019, mind it, then the Covid did not even come into the picture.
According to the sources, Ricky started hunting for the buyers and soon the lockdown happened and the process was sped up with the buyers coming and negotiating the final price and terms of business with him. Meetings commenced, negotiations caught the momentum and after the months of negotiations, finally, the Titos were gone into the hands of outsiders. The deal was struck and papers were signed by both parties before Ricky drop the bomb on social media.
According to the reports, Titos would get around 90 thousand guests per month which is still much lesser than the actual count but that means the club used to make a huge profit and money but then why Ricky had to take such drastic steps is not yet cleared. Our team tried reaching him over the phone but he did not respond to our calls.