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IMG exits Indian Super League, Reliance Industries ups stake to 65%

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Gaurav Laghate

, ET BureauLast Updated: Sep 29, 2018, 07:58:00 AM IST

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ISL was launched by IMG, Mukesh Ambani-owned Reliance Industries, and broadcaster Star India, in October 2013.

MUMBAI:Global sports marketing and management firm IMG, originally known as the International Management Group, has quietly exited from Football Sports Development Limited (FSDL), the holding company of the Indian Super League (ISL), just ahead of its fifth season.

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ISL was launched by IMG, Mukesh Ambani-owned Reliance Industries, and broadcaster Star India, in October 2013. According to sources, Reliance directly owned 45% stake initially, while Star India had 35%, and IMG Reliance, the equal joint venture formed in March 2010 between IMG Worldwide and Reliance, held the remaining 20% interest.

Effectively, Reliance owned 55%, while IMG owned 10% share in ISL. Under the new arrangement, Reliance has acquired IMG Reliance’s stake for an undisclosed amount, upping its holding to 65% in the league. “IMG is focused on delivering services globally and it didn’t want to own the league.

So this year, they requested an exit. Reliance with its full commitment towards growing football in the country, agreed to step in and buy out the stake,” said a top executive with direct knowledge of the development.

While its sudden exit without a formal announcement has fuelled some speculation of IMG potentially looking at an exit from India, another highly placed source maintained that IMG is very much active and growing in the country along with its JV partner.

“IMG has enough interest in India. The JV holds IPs, including Tata Open Maharashtra (earlier Chennai Open), India’s ATP tour, and Lakme Fashion Week. It also represents top cricketers like Rohit Sharma, Hardik and Krunal Pandya and Jaspreet Bumrah. So, there is no way they are looking at an exit from India,” he said.

In the past, IMG had played a key role in the development and operation of the Indian Premier League (IPL). Also, with its operations across 30 countries, it has interests across product and brand licensing, consulting services, event management, and has client representation in golf, tennis and soccer among other sports.

An email query sent to IMG Reliance did not elicit any response till press-time Friday.

ISL, meanwhile, has grown over the past four years and now sport 10 teams and is considered top league of India. The fifth season, scheduled to kick off on Saturday, September 29, at the Salt Lake Stadium in Kolkata, will be a longer duration season spread across seven-months (with a month’s break).

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