Finally some hope for Indian football.
IMG, Reliance in $140 mn soccer deal
"Billionaire private equity investor Ted Forstmann's sports and entertainment company IMG Worldwide and Reliance Industries have teamed up again to commercially develop another popular global sport in India.
IMG and Reliance have signed a 15-year deal with Indian soccer's governing body for the commercial rights to the sport, including the potential relaunch of the pro league there."
"The deal gives the joint venture the right to "radically restructure, overhaul, improve, popularize and promote" soccer on an amateur and professional level.
Andrew Wildblood, an IMG executive vice president and an executive director with the joint venture, said the partners will work toward an overhaul of the existing pro league or relaunching a new one in 2012.
Under the deal, IMG and Reliance will control the Indian national soccer team -- ranked 142nd out of 203 by FIFA -- and all current and future professional leagues, including media, sponsorship, advertising, licensing, merchandising and franchise rights, the companies and the All India Football Federation said."