Sachin Tendulkar, who is one of the co-owners of the Indian Super League (ISL) outfit Kerala Blasters Football Club, will sell his stakes in the franchise before the start of the new season.
Tendulkar has been associated with the franchise since its inception in 2014 and is currently one of the co-owners along with industrialist Nimmagadda Prasad, producer Allu Arjun, actors Nagarjuna and Chiranjeevi.
“In its fifth year, it is important that the club puts the building blocks for the next five years and beyond. It is also a time for me to reflect on the role that I should play. After reflecting and much discussion with my team, I have decided to exit my association with Kerala Blasters as a co-promoter,” Tendulkar said in a statement.
“I strongly believe that Kerala Blasters is in very good shape and on its path to attain many more successes with the backing of its fans offering unconditional support. I am very proud of Kerala Blasters and a piece of my heart will always beat for the club.”
While it couldn’t be confirmed exactly how much stake Tendulkar had in the franchise, those in the know of things said that it is something around 20%.
There are rumours that a billionaire industrialist with interest in hypermarket chain and shopping malls will be buying Tendulkar’s stake.
Tendulkar had bought the Kochi-based franchise back in April 2014 along with entrepreneur Prasad V Potluri.
In 2015, Potluri and his company PVP Ventures sold off their stakes and Tendulkar had then become 40% stake holder in the franchise. In 2016, Prasad along with the heavyweights of southern film industry joined forces with Tendulkar.
It was learnt that while they bought the 60% stakes, an additional 20% was bought from Tendulkar also.
(With inputs from PTI)