Sachin Tendulkar and promoter Nmmagadda Prasad are on course to make an exit from Kerala Blasters as Dubai-based Lulu Group has acquired the holding stake in the Indian Super League franchise.
Sachin Tendulkar is offloading his stake to Nimmagadda Pradsad. The Hyderabad-based industrialist will reportedly sell all the shares to the Lulu Group, which is owned by Dubai-based businessman Yusufff Ali.
“I have decided to exit my association with Kerala Blasters as a co-promoter. I strongly believe that Kerala Blasters is in very good shape and on its path to attain many more successes with the backing of its fans offering unconditional support,” Tendukar has reportedly confirmed to Economic Times.
“My association with Kerala Blasters was driven with the intent to reignite the passion for the game and give the many fans and the abundant talent in Kerala a national platform to express themselves,” he said. “In its fifth year, it is important that the club puts the building blocks for the next five years and beyond. It is also a time for me to reflect on the role that I should play.”
Sachin is reported to have signed an agreement to sell his 20% stake in the team to Prasad. The shares, which the cricket legends had acquired for ₹15 crore are expected to get him ₹ 300 crore.
Prasad and the buyers are closing in on completing the paperwork. Prasad’s media and entertainment house Prasad Group holds 80% share in the franchise while the rest 20% was held by former Indian cricketer Sachin Tendulkar.
The Lulu Group owns the LuLu International Shopping Mall in Kochi which is the largest shopping complex in India in terms of total area. The UAE based company is a retail giant with a strong presence in the traditional supply chain from manufacture to import and export. The Group’s flagship retail chain of LuLu Hypermarkets and Supermarkets is currently rated as one of the major players in the Middle East retail sector with more than 100 stores in the region.
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