India's Tata Steel sells Jamshedpur FC for token sum of $1

Tata Steel said Friday it has sold its entire stake in Indian Super League club Jamshedpur FC to Churchill Brothers for a nominal fee, days after announcing its exit from the top-flight competition.

Goa-based Churchill Brothers will assume Jamshedpur FC's participation rights in the ISL and take over the contracts of 12 players as well as two members of the coaching staff, Tata Steel said in a statement.

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Tata Steel's committee of directors approved the transfer of its entire 100-percent stake to Churchill Brothers Sports Club Private Limited at a "nominal consideration of 100 rupees ($1.05)", it said.

The deal is expected to be completed by August 31, subject to approval from the All India Football Federation and other conditions.

Tata Steel said the transfer would ensure continuity for the players and coaching staff while allowing the company to focus on the game at the grassroots and youth levels.

Earlier this month, Jamshedpur players urged the owners to reconsider closing down the club, which won the domestic Super Cup last year.

Fans also took to the streets to appeal to the Tata Group, India's largest conglomerate, to keep the club running.

The decision to sell the club was guided by the strong record of Churchill Brothers, which has won two national league titles, the company said.

"Churchill Brothers is a club with real history in Indian football," Tata Steel vice president D.B. Sundara Ramam said.

The 2026-27 ISL season is scheduled to kick off next month and will be played in its usual home and away format.

Launched in 2014 with the backing of international stars, including former Italy striker Alessandro Del Piero, the ISL was designed to revitalise Indian football and attract new audiences.

But the competition has struggled to maintain momentum, with television ratings falling and sponsorship interest weakening in recent years.