Salgaocar and Dempo have collectively held 65 percent stake in the Goan franchise since inception in 2014 and were actively involved in the running of the franchise, helping FC Goa become one of the most loved brand. But when the third ISL edition kicks off in October, both will not be around and instead the franchise will be taken over by a new owner. Videocon and cricketer Virat Kohli will continue as co-owners.
The FC Goa duo's exit from the franchise is likely to come out in the open on Sunday. Sources said, during the ISL Appeal Panel hearing in Mumbai, the duo will express regret - through their lawyers - over the fracas that ensued after the final. The change in stance from FC Goa means the one-man ISL appeals panel comprising Justice Kshitij Vyas, former chief justice of the Bombay high court, could take a lenient view and allow FC Goa to start afresh, possibly without any points deduction.
Salgaocar and Dempo were both banned for three and two years respectively for bringing the ISL into disrepute for boycotting the ISL prize distribution ceremony. With the exit now evident, it's more than likely that the suspensions will be lifted as well.
"The co-owners did not really have much of a choice. Given the circumstances, this was the best they could have done," said a source who is closely tracking the development.
The ISL Appeal Panel met in Mumbai on Saturday and heard all three parties: ISL, Chennaiyin FC and FC Goa. All three made their submissions, but according to sources, arguments into a couple of issues are still to be concluded. "Some issues need clarification. The hearing will continue on Sunday," said the source.
FC Goa were rocked when the ISL Regulatory Commission suspended FC Goa co-owners Salgaocar and Dempo while the franchise was docked a massive 15 points and fined Rs 11 crore, all decisions which the Goan franchise has appealed against.
FC Goa lodged an appeal with the Appeals Commission describing the regulatory commission order as perverse, unlawful and in complete violation of principles of natural justice. "The sanctions imposed on FC Goa are (not just) unprecedented in the world of football, but also shockingly disproportionate, punitive in nature, absolutely arbitrary and without any basis in law or fact," FC Goa said in a statement.
A final order is expected on Wednesday.
Den Networks is divesting its 55 per cent equity stake in Den Sports, which owns Indian Super League team - Delhi Dynamos, to Wall Street Investments, part of GMS Group for 43.32 crore.Luthra & Luthra acted for GMS Group with a team led by Partner Kanchan Sinha along with Associates Kaustubh Verma, Sonika Bajpeyee and Sanya Parmar. The transaction team was assisted on the due diligence aspect by Partner Anshul Jain, Managing Associate Shikhar Kacker and Associate Shubham Gupta.Den Networks was advised by its in-house team.Wall Street Investments is represented by principals of GMS, which is based out of Dubai and acts as an agent for its principals, which have a broader interest in the shipping industry.
Its insane to say that there will be no bidders for kbfc and fc goa, wth the fan following Goa and kerala have ! A "Prudent" investor will bid for places that are already successful and where ISL is popular and wont randomly bid for say Gujrat or Rajasthan or Punjab !!!