MUMBAI: From a three-way joint venture, Football Sports Development Ltd, the holding company that operates the Indian Super League, has officially become a two-way JV between Reliance Industries Ltd and Star India Ltd.
IMG, the global sports, other events and talent management company that was an equal parts stakeholder in IMG-Reliance when FSDL was incorporated in September 2013, has quietly exited the enterprise.
While no official statement on the development was released, the change in the company stakeholding is now reflecting on ISL’s official website and the league’s logo, with only Reliance and Star mentioned.
From these developments, SportzPower assumes that the stakeholding structure of FSDL is now 65% controlling stake with RIL and the remaining 35% stake with Star India.
Reports suggest that when FSDL was set up, Star India had agreed to pay Rs 20 billion, or some $324.7 million, for its stake, as well as global media rights to the ISL for ten years.
However, as per official records, FSDL’s authorised capital is Rs 30 million and paid up capital is Rs 20,278,490.
