Hyderabad FC, the 2021-22 Indian Super League (ISL) champions, have been experiencing severe financial difficulties for the past few seasons. The club is already under ten FIFA transfer bans. There are also domestic sanctions imposed by the All India Football Federation (AIFF) due to unpaid salaries.
The situation reached a critical point when the club withdrew from the 2024 Durand Cup at the last minute. The reason was an inability to field a squad.
In a dramatic turn, Hyderabad FC has found a potential saviour in the BC Jindal Group. The company is one of India’s leading business conglomerates. BC Jindal Group has acquired the struggling club, a move that could mark a new chapter for Hyderabad FC.
On August 26, 2024, the BC Jindal Group completed the acquisition of Hyderabad FC from its previous owners, Spartek Ceramics. The agreement came after weeks of negotiations and due diligence. Sources close to the deal say that Non-Disclosure Agreement (NDA) was signed in August. The final business transfer agreement was inked on the eve of August 26.
“The BC Jindal Group is now the official owner of Hyderabad FC. A business transfer agreement has been signed between both parties on the eve of August 26, 2024. This allowed the new owners to begin preparations for the upcoming season. They are also committed to making contributions to Indian football in the long run,” a source was quoted as saying by Khel Now.
This acquisition represents the BC Jindal Group’s first entry into the Indian sports ecosystem. The conglomerate has traditionally focused on steel manufacturing, packaging, and power generation.
Despite the optimism, Hyderabad FC’s road ahead remains challenging. The BC Jindal Group will immediately focus on securing the necessary licenses to participate in the ISL 2024-25 season. This requires addressing the existing transfer bans imposed by FIFA and the AIFF. The bans stem from the club’s inability to pay its players and staff on time.
The summer transfer window for the 2024-25 season will close on August 31, 2024. The new owners face a race against time to lift these bans and assemble a competitive squad. Given the short timeframe, the club may need to rely on signing free agents. The reason is that conventional transfer deals appear unlikely.
The BC Jindal Group is reportedly working with all relevant parties to resolve the issues. They hope that former players and coaches will prioritize the club’s future. The joint effort may help lift the FIFA-imposed bans within the remaining days of the transfer window.
Founded in 1952 by Shri BC Jindal, the BC Jindal Group has grown into a diversified conglomerate. The acquisition of the club marks a milestone, signaling the group’s entry into \ Indian football.
The group’s vision for Hyderabad FC extends beyond merely rescuing it from its current financial woes. The BC Jindal Group is committed to the club’s long-term planning and infrastructure development. This could include investments in youth development and stadium infrastructure. Broader community engagement initiatives are also an option.
The BC Jindal Group’s acquisition offers hope for Hyderabad FC. The new owners aim to resolve the immediate challenges and build a foundation. If they succeed, this could mark the beginning of a new era for the club and national football.
