Reports: Sachin Tendulkar to have new partners as co-owners of Kerala Blasters
India's most famous cricketing son Sachin Tendulkar is set to have new partners in his ISL team Kerala Blasters, according to reports on Goal. The franchise's previous co-owners will be selling their stake and the club will become the first ISL franchise to undergo a change in ownership after the first season.
The famous Kerala conglomerate, Muthoot Pappachan Group, were in talks to become a significant shareholder in the franchise and have now agreed terms according to which they will become owners of 60 percent stake while Sachin Tendulkar will hold the remaining 40 percent stake.
Previously, 60% of the franchise was owned by PVP Ventures Limited but the investors have decided to sell their stake since the Securities and Exchange Board of India (SEBI) slapped a fine of 30 crores on PVP Ventures' CEO Prakash Potluri due to financial irregularities back in March this year.
PVP Ventures Limited have been pushing the idea of acquiring a majority stake to various powerhouses in multiple industries. The primary reason in the delay of handing over the ownership to Muthoot Pappachan Group was due to Potluri’s failure to pay the debt they had incurred in the first year of operations and their idea to have the potential owners pay the debt.
New investors ready to splash the cash
Muthoot Pappachan Group, who were also the sponsors of the club last season, have reportedly agreed to splash a minimum of Rs 40 crores for the next nine years which amounts to a total of 360 crores.
Sachin Tendulkar owns 40 percent of the franchise and is believed to have entered a similar agreement with the new partners. Rajeev Kamineni – PVP Ventures’ Executive Director, was asked about the above developments but chose not to comment on them.
Kerala Blasters begin their pre-season preparation for ISL
Amid all the doubt surrounding the ownership of the franchise, Kerala Blasters have begun their pre-season preparation under new coach Peter Taylor.
"Kerala Blasters has kicked off its preparation for Season II with the conditioning camp at Thiruvananthapuram under coach Peter Taylor," said Sachin, as per the reports on Goal. He then added, “The team is practising at the impressive facility in Thiruvananthapuram and will help them to acclimatise to the conditions and prepare well for the season."
"We have some exciting talent added to the team this year. Our performance in the inaugural season will serve as a huge motivation for the entire team to repeat and take it a step further. We look forward to yet another exciting season with the continued support of the wonderful fan base of Kerala Blasters."
While other ISL teams are busy with their pre-season preparations in other parts of the world – playing friendly matches with foreign clubs, Kerala Blasters are more than happy to remain home and prepare ahead of their opening match in ISL against Northeast United FC on October 6.