ISL franchise Hyderabad FC, which has been embroiled in financial turmoil for over a year now and was on the brink of shutting down, has reportedly signed a term sheet with the BC Jindal Group for a possible buyout.
As per reports, the business conglomerate is currently conducting legal and financial due diligence of the struggling club. If all goes well for the club after the due diligence, the new investors have reportedly agreed to clear all outstanding dues, with payments expected to begin as early as next week.
The development follows on after earlier discussions with a consortium of investors before the start of the Durand Cup had failed. Hyderabad FC was unable to participate in the tournament due to a lack of available players. The players were reportedly unwilling to play without receiving their salaries, which further compounded the club’s challenges.
The Hyderabad-based football club has faced multiple sanctions from Fifa and the All India Football Federation (AIFF) due to outstanding dues owed to players, coaches and support staff.
It bears noting that only after its current financial issues are resolved can the club shift its focus to building a competitive squad capable of performing well in the ISL.
