Hyderabad FC, the reigning champions of the Indian Super League (ISL) 2021-22 season, has been grappling with severe financial difficulties in recent years. The club, known as the Nizams, has been under intense pressure, facing multiple sanctions from FIFA and the All India Football Federation (AIFF) due to unpaid player salaries.
These issues culminated in the club’s withdrawal from the Durand Cup 2024 at the last moment, as they were unable to field a team. However, the club has been handed a lifeline through a full acquisition by the BC Jindal Group, one of India’s leading business conglomerates.
The acquisition, finalized on August 26, 2024, comes after the BC Jindal Group signed a Non-Disclosure Agreement (NDA) with the previous owners, Spartek Ceramics, earlier in August. The deal was confirmed after completing all due diligence, marking a new chapter for Hyderabad FC.
“The BC Jindal Group are now the official owners of Hyderabad FC. A business transfer agreement has been signed between both parties on the 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 told Khel Now.
Despite the optimism surrounding the new ownership, the BC Jindal Group faces a daunting task. Their immediate priority is to secure the necessary licenses to participate in the upcoming ISL 2024-25 season. This involves addressing the 10 transfer bans imposed by FIFA and multiple sanctions from the AIFF, which stem from unpaid salaries and other financial obligations.
Additionally, with the summer transfer window set to close on August 31, 2024, the new owners are under immense pressure to assemble a competitive squad from the limited pool of free agents still available.
The BC Jindal Group is reportedly working diligently to resolve these issues, negotiating with former players and coaches to lift the 12 FIFA bans within the remaining days of the transfer window. The new owners are hopeful that these negotiations will be successful, allowing the club to participate in the upcoming season. However, time is of the essence, and the club’s future remains precarious.
Founded in 1952 by Shri BC Jindal, the BC Jindal Group has established itself as one of India’s most prominent business conglomerates. The group initially began as a manufacturer of steel pipes and pipe fittings but has since diversified into various sectors, including packaging films, power generation, and cold-rolled steel strips. The acquisition of Hyderabad FC marks the group’s first foray into the Indian sports ecosystem, a significant move given their previous decision to withdraw from direct bidding in the I-League.
The BC Jindal Group’s entry into Indian football comes with a vision that extends beyond immediate financial relief for Hyderabad FC. Their plans include long-term infrastructure development and a strategic approach to strengthening the Indian sports landscape. This acquisition is seen as a potential game-changer for Hyderabad FC, offering the club a chance to stabilize and grow under the stewardship of a financially robust and experienced business entity.
