International Management Group, the global sports marketing and management firm, has pulled out of Football Sports Development Limited (FSDL) which runs the Indian Super League, The Economic Times reported on Saturday.
The fifth season of Indian Super League is set to kick off with a match between ATK and Kerala Blaster on Saturday.
The Indian Super League, launched in October 2013, was a joint venture between IMG, Reliance Industries owned by Mukesh Ambani, and Star India with the global marketing firm effectively holding 10 per cent stakes as their joint venture with Reliance held 20 per cent stakes in the venture.
Reliance has now taken over IMG’s stake in the company with Star India holding the remaining 35 per cent stakes. The change has already reflected in the logo of the 2018-19 season.
“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,” the paper quoted a top executive as saying.
While IMG has pulled out of FSDL, the global marketing firm still has a Joint Venture with Reliance through which they conduct Tata Maharasta Open, Lakme Fashion Week and also handles cricketers Rohit Sharma, Jasprit Bumrah and Hardik Pandya.