Tata Steel has agreed to transfer its entire 100% stake in Jamshedpur FC to Goa-based Churchill Brothers Sports Club for a symbolic consideration of Rs 100, according to the report.
The stake sale involves Tata Steel’s holding of 4.08 crore shares in Jamshedpur Football and Sporting Private Limited, the company under which the Indian Super League (ISL) team Jamshedpur FC operates. The club made its ISL debut in 2017.
The company reported revenue of Rs 32.23 crore in the last financial year. However, as of March, its total liabilities were Rs 5.8 crore higher than the value of its assets, the report said.
An agreement has been signed to shift the shares to Churchill Brothers at the nominal price, citing the financial position. The transaction will require approvals from bodies including the All India Football Federation, and is expected to be completed by the 31st if clearances are obtained.
