The City Football Group (CFG) has divested its stake in Mumbai City amid uncertainty over the future of the Indian Super League (ISL), the team announced on Friday.
CFG, which owns several top clubs including Manchester City, had acquired a 65% stake in Mumbai in 2019, with the club going on to win two league titles.
However, the ISL is in a state of limbo with the national governing body, the All India Football Federation (AIFF), struggling to find a new commercial partner after its 10-year deal with the previous one expired.
“The founding owners will assume full control of the organisation moving forward,” Mumbai said in a statement on their official website.
“CFG has made this decision following a comprehensive commercial review and in light of the ongoing uncertainty surrounding the future of the Indian Super League.”
The ISL was put on hold in July with stalled negotiations for a renewal of the AIFF’s contract with its commercial partners, Reliance-led Football Sports Development Limited, cited as the reason.
Talks to renew the 2010 agreement came to a halt after India’s Supreme Court asked the AIFF not to renew the deal with FSDL until it had issued an order over a separate case to implement a new constitution for the federation.
Source: Reuters
--Agencies
