Hyderabad FC have signed a term sheet with BC Jindal Group, one of the largest busines conglomerates in India, as per TOI’s Marcus Mergulhao. The takeover will be completed following a satisfactory completion of the due diligence regarding the legal and financial background of the club.
The group is expected to complete the deal by the end of the month, provided the findings of the due diligence are as projected. As things stand, Hyderabad FC are yet to be confirmed for participation in the 24-25 season of the ISL.
BC Jindal Group gives Hyderabad FC a ray of hope
Hyderabad FC, which faced financial difficulties and a tough season, has been taken over by the Jindal Poly Group, bringing new hope and stability to the team.#HFC #ISL pic.twitter.com/9AdgPUYsUk
— Adipoli Bro (@VinayakSha95237) August 15, 2024
The Nizams have been in crisis since last season. Several top players have left the club over unpaid dues since January. The club also faces a transfer ban, meaning they won’t be able to sign any players in the 2024-25 season, and are unable to field a squad as well.
The ISL season begins on September 13, and pre-season training has not started yet. Even if the takeover is complete, the club faces a race against time to be able to compete in the Indian top flight.
However, the group will have to clear all previous dues to be able to invest in the club. They were considering starting a new club in the I-League, but have seemingly chosen Hyderabad FC following the signature on the term sheet. It now remains to be seen if the former ISL winners can finally end their suffering and start on the road to redemption.
