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ISL | FC Pune City in search for new sponsors amidst financial struggles

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ISL

ISL | FC Pune City in search for new sponsors amidst financial struggles

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SportsCafe Desk

06/19/2019

ISL franchise FC Pune City owners Wadhawan Sports Private Limited revealed that they are on the lookout for potential investors as the club continues to suffer financial turmoil. The Maharashtra-based franchise admitted that they were in contact with potential investors from other cities.

Speculation was rife during the 2018-19 ISL season that FC Pune City are under stress from a financial standpoint as they ended the season at seventh position. On Monday, the owners of the Pune based franchise -  Wadhawan Sports Private Limited - that they are one the hunt for potential investors. The owners added that they were in talks to conduct "partial stake sale" with investors from other cities.

"We are looking to raise capital and we are exploring all options to fund the club. In the process, if the investors happen to come from another city, we will contemplate. But our preference is to stay in Pune. We have a lot of emotional attachment to the city but the interest from local investors is not very high," he said." Gaurav Modwel, CEO of FCPC, told TOI.

The Pune-based franchise defaulted on the payment of players' and staff's salaries, forcing overseas signings like former Kerala Blasters striker Iain Hume to approach the AIFF for a solution. Modwel sought to clarify that the franchise would continue to exist, but admitted that the chances of it continuing in Pune were very thin.

"There have been rumours about players leaving the club and the team shutting shop. That is not the case, the players are not going anywhere. Their salaries have been regularized. Our first priority is to clear all the dues. The second priority is starting the next season. We are talking to potential investors," Modwel added.

Hyderabad has emerged as the most likely new home with Varun Tripuraneni, former CEO of Kerala Blasters, said to be scouting investors for WSPL.Ahmedabad and Calcutta are the other two venues under consideration with different investors.

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