FC Pune City looking for new home and investors

PUNE: It's official. Pune is all set to lose yet another top-tier football club with Wadhawan Sports Private Limited, owners of ISL franchise FC Pune City, stating on Monday that they were looking for "partial stake sale" and were in contact with potential 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," Gaurav Modwel^[3], CEO of FCPC, told TOI.

The franchise went into a crisis ever since Wadhawan Group (parent company of WSPL) began facing financial crunch at the start of the year and the news of probe into financial irregularities of its subsidiary DHFL hit the headlines early this year. The franchise defaulted on the payment of players' and staff's salaries, forcing them - including overseas signings like Iain Hume^[4] - 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," he said.

"Our first priority is to clear all the dues. The second priority is starting the next season. We are talking to potential investors."
Hyderabad has emerged as the most likely new home with Varun Tripuraneni, former CEO of Kerala Blasters, said to be scouting investors for WSPL. Hyderabad's Gachibowli stadium is the home venue of ILeague Second Division team Fateh Hyderabad FC and considered an excellent facility.
Ahmedabad and Calicut are the other two venues under consideration with different investors. Modwel made an impassioned plea to the corporates of Pune.
"We have a lot of emotional attachment to the city but the interest from local investors is not very high," he said.
^[1][2]

References

1. ^{^} Wadhawan Sports Private Limited (timesofindia.indiatimes.com)
2. ^{^} FC Pune City (timesofindia.indiatimes.com)
3. ^{^} Gaurav Modwel (timesofindia.indiatimes.com)
4. ^{^} Iain Hume (timesofindia.indiatimes.com)

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