I-League club Chennai City FC are closing in on a ₹165 crore (€ 20 million) investment deal.
The Chennai City FC have reportedly agreed to disinvest 35% stake to Swiss club FC Basel in a € 20 million (₹165 crore deal). The 20-time Swiss national champion club, FC Basel will be investing the agreed ₹ 165 crore in the Chennai-based I-League Club, states a report by national daily Times of India.
The deal will formally be announced in New Delhi tomorrow in a joint address by FC Basel president Bernhard Burgener, CEO Roland Heri and Chennai City FC president Rohit Ramesh.
The deal reportedly has got the All-India Football Federation nod and the AIFF president Praful Patel and general-secretary Kushal Das are expected to attend the event.
FC Basel is a well-respected club in Europe and plays the Champions League regularly. The tennis icon from Basel, Roger Federer is a great fan of the leading football club of his native football club.
The deal has reportedly been confirmed to the paper by a CCFC official. “It feels great when such a big club recognizes our work and wants to invest in us. The club will bring in a huge investment of 20-25 million euros and will be involved in our day-today processes,” the official has told the national daily.