New Delhi, Dec 26 : City Football Group (CFG) has divested its shareholding in Mumbai City FC, returning the Indian Super League (ISL) side to full control of its founding owners.

"Mumbai City FC (the Club) can confirm that City Football Group Limited (CFG) has divested its shareholding in the Club. The founding owners will assume full control of the organisation moving forward,â?? the club said in a statement posted on X.

CFGâ??s exit comes at a precarious moment for Indian football, with the future of the ISL itself clouded by uncertainty. The group said its decision followed â??a comprehensive commercial review and in light of the ongoing uncertainty surrounding the future of the Indian Super League (ISL).â?? It added that the move reflected CFGâ??s â??disciplined and strategic approach â?? ensuring its focus remains on areas where it can have the greatest long-term impact.â??

The purchase of a 65% share of Mumbai City FC in November 2019 by the Manchester City-owning conglomerate was a watershed moment in ambition, professionalism, and globalising the club. The club experienced the greatest success during its six-year relationship with CFG.

â??Since 2019, CFG and Mumbai City FC have reached new heights winning two ISL League Winnersâ?? Shields and two ISL Cup titles, strengthening the Club's football operations, and making meaningful contributions to the growth of the game in India,â?? the statement read.

By using a data driven recruitment model and developing the professional manager of their football operations, CFG had an immediate impact on Mumbai City FC. The 2020-21 season saw the club make history by winning both the ISL League Winners' Shield and the ISL Cup, making them the first team to ever complete the double in one season.

The club won a second Shield in the 2022-23 season, remaining unbeaten during the league's 18-match duration, a first in the ISL. Mumbai City FC also became the first Indian club to win an AFC Champions League match, marking a landmark achievement for Indian football on the continental stage.

CFG said it remained â??proud of the achievementsâ?? and â??deeply appreciative of everyone connected to Mumbai City FC â?? from players and coaches to staff, fans, and partners,â?? while adding that it â??looks forward to continuing its relationships and partnerships in India in the years ahead.â??

Now, with CFG leaving Mumbai City FC, the club has been taken back under the full ownership of Ranbir Kapoor, film actor from India, and Bimal Parekh, a business tycoon. The news remains bad for Indian football, as it further impacts the ISL with no confirmed calendar year for play, no resolved commercial contracts between teams in the league, and currently no outcome from its ongoing governance impasse.

The exit of CFG is also a negative indicator of the league's potential financial growth, decreasing the chances of other investors or sponsors wanting to support the league going forward. According to reports, the AIFF (All India Football Federation) has formally rejected everything that was proposed by both ISL and I-League teams regarding club-led ownership or operations, thus causing more of a rift between the clubs and the federation.

/IANS