According to the newspaper, the club’s current owner Fenway Sports Group (FSG), which acquired it in October 2010, has put it up for sale. Goldman Sachs and Morgan Stanley have been hired to help sell the team to FSG.
According to The Mirror, FSG is set to sell the club for 4 billion British pounds.
Ambani-led Reliance Industries (RIL) has a major stake in Indian sports. Along with the All India Football Federation, the group also manages the Indian Super League and owns the Mumbai India team in the Indian Premier League.
RIL recently joined the Tata family to invest in football along with other corporations including JSW, Hero MotoCorp and the Adani Group. For the last 35 years, the Tata Group has been in charge of the prestigious Tata Football Academy in Jamshedpur.
RIL has partnered with the Indian Olympic Association and the Athletics Federation of India, apart from football and cricket, to support athletes competing in various competitions such as the Commonwealth, Asian and Olympic Games.
As part of the association, the organization will also build the first India House at the Paris Olympics in 2024.
According to GroupM’s recent analysis on sports sponsorship in India, non-cricket sports such as football and kabaddi contributed 12 per cent of the total sports advertising spend of Rs 9,500 crore in 2021.
About 88% of all sports advertising dollars in the country are spent on cricket. The percentage of non-cricket sports has increased from 8% before the outbreak. The first wave of the pandemic came in 2020, which also saw a drop in national spending on sports sponsorship.