BC Jindal Group completes Hyderabad FC takeover in landmark deal

Former ISL champions grapple with financial woes amid transfer bans.

ISL 2021-22 champions Hyderabad FC have struggled with significant financial challenges for the past few seasons. The Nizams are currently under 10 FIFA transfer bans and face multiple domestic sanctions from the All India Football Federation (AIFF) due to unpaid players’ salaries. They recently withdrew from the Durand Cup 2024 at the last moment as they were unable to put together a squad. Just when it seemed the club might be on the brink of collapse, a lifeline has emerged.

Khel Now can reveal that the BC Jindal Group, one of India’s leading business conglomerates, has fully acquired Hyderabad FC on 26 August 2024. After signing a Non-Disclosure Agreement (NDA) in the second week of August 2024 with the previous owners, Spartek Ceramics, the deal has now been finalized following all due diligence.

“The BC Jindal Group are now the official owners of Hyderabad FC. A business transfer agreement has been signed between both parties on eve of 26 August 2024, allowing the new owners to begin preparations for the upcoming season. They are also committed to making significant contributions to Indian football in the long run.”, A source close to the deal informed Khel Now.

The Road Ahead: Challenges for new owners

Despite the promising new ownership, the BC Jindal Group faces an uphill task. Their top priority will be to secure the necessary licenses to participate in the upcoming ISL 2024-25 season. This involves addressing the existing transfer bans imposed by FIFA and the AIFF and settling all outstanding financial obligations, including unpaid staff salaries.

With the summer transfer window for the 2024-25 season set to close on August 31, 2024, the new owners may need to quickly assemble a team from the remaining free agents on the market as transfer deals look very difficult at this stage. They are racing against time to lift the bans but are working diligently with all parties to secure the club’s future. The new owners are also hopeful former players and coaches will prioritize the club’s future and collaborate to resolve the 12 FIFA bans within the remaining four days of the transfer window.

Background of BC Jindal Group

Founded in 1952 by Shri BC Jindal, the BC Jindal Group has grown into one of India’s most prominent business conglomerates. Initially starting 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 marks the BC Jindal Group’s first venture into the Indian sports ecosystem. Although the group had previously withdrawn 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 acquisition could save Hyderabad FC from their financial woes and mark the beginning of a new era in Indian football, with the BC Jindal Group’s involvement promises a more stable and prosperous future for the club.

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