The withdrawal of City Football Group (CFG) from Mumbai City FC is not just the end of a high-profile partnership; it is the clearest indictment yet of the systemic failures that have engulfed Indian professional football.
When one of the world’s most sophisticated multi-club ownership models decides that an ecosystem is no longer viable, the problem goes far beyond one club or one season. CFG’s exit is a market signal that the Indian Super League (ISL), as currently governed, has become structurally uninvestable .
At the heart of the crisis lies a governance paralysis triggered by the expiry of the 15-year Master Rights Agreement (MRA) between the All India Football Federation (AIFF) and Football Sports Development Limited (FSDL) on December 8, 2025. That agreement had formed the commercial backbone of the ISL since its inception. However, legal challenges around the AIFF constitution and elections led the Supreme Court to restrain the federation from renewing or entering new commercial contracts, plunging the league into uncertainty months before the deadline.
Read Articles Without Ads On Your IndiaSportsHub App. Download Now And Stay Updated
The consequences were immediate and severe. In October 2025, a tender floated for the ISL’s commercial and broadcast rights failed to attract even a single bidder an unprecedented outcome for a top-tier Indian sports league. Litigation risk, declining viewership trends, the absence of a fixed calendar, and years of accumulated financial losses combined to erase the ISL’s commercial appeal almost overnight .
CFG’s association with Mumbai City FC began in 2019, when it acquired a 65% stake and promised to bring global expertise, professional structures, and long-term vision to Indian football. On the pitch, the project delivered. Mumbai City FC became the league’s most successful side in the CFG era, winning two League Winners’ Shields, two ISL Cups, and registering India’s first-ever AFC Champions League victory. Yet, sporting success proved powerless against institutional decay.
Financially, the numbers never aligned with CFG’s global expectations. Mumbai City FC generated roughly ₹51 crore in revenue in FY2024, a modest figure when set against rising operational costs and CFG’s broader balance sheet, which reported losses exceeding £122 million across its global operations in 2023–24. With no confirmed ISL calendar, no broadcast deal, and no clarity on governance, the club transformed from a strategic asset into a balance-sheet liability.
Read Articles Without Ads On Your IndiaSportsHub App. Download Now And Stay Updated
The ownership transition now sees Mumbai City FC revert to the Kapoor–Parekh group, raising questions about the sustainability of the club’s “City” identity without CFG’s technical and commercial backbone. While Ranbir Kapoor’s passion for football is unquestioned, the loss of CFG’s scouting network, coaching philosophy, and brand leverage risks undoing much of the progress made since 2019.
Underlying this collapse is a deeper constitutional conflict. ISL clubs have long argued that restrictive provisions within the AIFF constitution particularly those granting the federation exclusive control over league ownership and operations prevent the emergence of a modern, club-led league structure. In December 2025, twelve ISL clubs formally sought amendments that would allow a Premier League–style model, with clubs sharing ownership and risk through a dedicated league company. The proposal was rejected by the AIFF General Body, entrenching the deadlock.
In response, the AIFF has attempted a “DIY” approach, even suggesting it could dip into its own fixed deposits to run the league. This strategy, however, exposes the federation to further financial and reputational risk, while doing little to restore market confidence. For players, the fallout has been devastating. Contracts have been paused, salaries delayed, and entire seasons placed in limbo. FIFPRO has already warned of the mental health and livelihood risks faced by Indian footballers caught in this administrative stasis .
CFG’s strategic pivot is telling. While exiting club ownership, it has expanded its presence in India through Manchester City Football Schools in Kolkata and Bengaluru an asset-light, low-risk model focused on branding and grassroots engagement rather than professional league exposure. The message is clear: India remains a market for football consumption and development, but not for top-tier professional investment under current conditions.
The broader implications are stark. CFG’s exit is likely to compress franchise valuations, deter sponsors, and discourage other global investors from entering Indian football. More importantly, it underscores a fundamental truth: without governance reform, commercial clarity, and a club-led operational model, the professional game in India risks prolonged decline.
City Football Group’s departure is not a failure of ambition or effort at Mumbai City FC. It is the ultimate verdict on a system that has failed to evolve. Until that system changes, Indian football will continue to lose not just capital, but credibility on the global stage.
