Mr. Jaydev Modi, the owner of Delta Corp, was bidding for FC Goa and speculations were there that he will be the only successor and finally that day has come. Mr. Modi has purchased the FC Goa for whooping 65 crore rupees from its former co-owners Srinivas Dempo and Dattaraj Salgaonkar. This is bigger the slice of Dempo and Salgaonkar which culminates into 65% of the stake rest 35% remains with Videocon Group 23% and cricketer Virat Kohli 12%. Was this deal of profit or loss to Dempo and Salgaonkar? Read the complete report here.
The FC Goa major stakeholders from Goa Srinivas Dempo and Dattaraj Salgaonkar started the negotiations with the buyer long time back but the news first appeared in Goa Prism on 18th July 2016 that owners of FC Goa want to sell 65 percent of stakes to Delta Corp. This entire thing started with the ISL penalty of 15 crores slapped on FC Goa on the grounds of misconduct of the co-owners with the marquee player Elano. The situations become so much severe that both the co-owners Dempo and Salgaonkar wanted to come out of this mess.
Today the FC Goa co-owners completed the deal by stepping down from the ownership of FC Goa and handing over their combined share of 65% for the cost of Rs. 65 crore to Mr. Jaydev Modi, head honcho of Delta Corp. According to the sources, Videocon Group (23%) and cricketer Virat Kohli (12%) will continue with the existing shareholding pattern.
According to the sources, a consortium consisting of Dattaraj, Dempo and Videocon Group had won the bid for the Goa franchise in 2014 after committing a total of 125 crores for 10 years. Each year, FC Goa must pay a franchise fee of approximately 12.50 crore before the start of the league.
“FC Goa is Goa’s most popular brand and the franchise has not been handed over to Delta Corp on a platter. It has cost Mody a lot of money and he will need to invest at least another Rs 30-35 crore this season, including the fines and franchise fee, to ensure that FC Goa has a good enough squad to compete in the ISL,” a source tracking the development told TOI on Saturday.
It may be recalled that FC Goa, the runners-up of the second edition of Indian Super League (ISL), had run into troubles after they had boycotted the prize distribution ceremony following their verbal duel with Chennaiyin FC captain Elano Blumer during the final match of the season, held last year on December 20. Subsequently, FC Goa has slapped a Rs 15 crore fine and the co-owners Dempo and Salgaocar were banned from participating in ISL for next two and three seasons, respectively. They have also docked 15 points for the ISL 3.
Delta Corp. owned by Jaydev Modi holds the owns three casinos out of six floating in the river Mandovi and this is said to be the largest and only listed company within the gaming and hospitality segment in India. The exit of Goan businessman Dempo and Salgaonkar came as a shock to Goan audience said the sources.
“This is an exciting time for us. Indian sport has come into its own and football is skyrocketing in popularity. The success of the league and the team has been extraordinary – and FC Goa has become a unifying brand for all Goans. It is to the credit of both Mr. Salgaocar and Mr. Dempo that this has happened. They showed wisdom and a pioneering spirit in their stewardship of the club, which comes from a deep love for the game. We hope to walk the same path and try and take the team to the next level,” Mody said in a statement.
Delta Corp chairman Mr. Modi said that he will be working in association with the existing setup by the changes in the existing management staff has not been ruled out entirely, said the sources. FC Goa will now look to make a fresh start after being dogged by controversial since they boycotted the ISL final prize distribution ceremony after losing 2-3 against Chennaiyin FC in a tempestuous final at the Nehru Stadium in Fatorda.