The former ISL champions are battling a financial crisis amid a transfer embargo.
ISL 2021-22 champions Hyderabad FC have been battling significant financial challenges for the past few seasons. The Nizams are currently under a 10 FIFA transfer ban and face multiple domestic sanctions from the All India Football Federation (AIFF) due to non-payment of player salaries. They recently withdrew from the Durand Cup 2024 at the last minute as they were unable to field a squad. Just when it seemed like the club was on the verge of collapse, a lifeline has emerged.
Khel Now can reveal that BC Jindal Group, one of India's leading business conglomerates, has completed the full acquisition of Hyderabad FC on 26th August 2024. After signing a Non-Disclosure Agreement (NDA) with the previous owners, Spartak Ceramics, in the second week of August 2024, the deal has now been finalised after all due diligence.
“BC Jindal Group is now the official owner of Hyderabad FC. A business transfer agreement has been signed between the two parties on the eve of August 26, 2024, allowing the new owners to begin preparing for the upcoming season. They are also committed to making a significant contribution to Indian football in the long term,” a source close to the deal told Khel Now.
The way forward: Challenges for the new owners
Despite the new ownership, BC Jindal Group has a tough challenge ahead of them. Their top priority will be to secure the necessary licenses to participate in the upcoming ISL 2024-25 season. This includes addressing the current transfer bans imposed by FIFA and AIFF and settling all outstanding financial obligations, including unpaid staff salaries.
The summer transfer window for the 2024-25 season is set to close on August 31, 2024, so the new owners may need to build a team quickly from the free agents left in the market as transfer deals seem very difficult at the moment. They are racing against time to lift the ban but are working diligently with all parties to secure the club's future. The new owners also hope that the former players and coaches will prioritize the club's future and collaborate to solve this problem. 12 FIFA ban within the remaining four days of the transfer window.
Background of BC Jindal Group
Founded in 1952 by Mr. B.C. Jindal, the B.C. Jindal Group has grown to become one of India's most prominent business groups. Initially starting out as a manufacturer of steel pipes and pipe fittings, the group has diversified into various sectors including packaging films, power generation, cold-rolled steel strips and galvanized sheets.
This acquisition is BC Jindal Group's first venture into the Indian sports ecosystem. Although the group had previously distanced itself from direct bidding in the I-League, it is now set to impact Indian football significantly. Their vision includes long-term planning and infrastructure development to strengthen the Indian sports landscape.
This takeover could rescue Hyderabad FC from financial crisis and start a new era in Indian football, with the involvement of BC Jindal Group promising a more stable and prosperous future for the club.
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