New Delhi: India's leading industrial group Dempo, which also runs leading I-League football club Dempo FC, on Monday bought 34 percent stakes, worth 12 million euros, in leading Danish soccer club and academy FC Midtjylland, based in Herning and Ikast.
The deal is a long-term commercial and technical partnership between the parties, with the Dempo investment strengthening the club's capital base and in return the club providing technical know-how to Dempo.
"It's a historic day for FC Midtjylland and the start of a new era for the club. The agreement enables us to add value to the continuity of our soccer team and retain our own playing talent longer. We can enhance the level of talent development, and begin truly to internationalise the Academy", Soren Bach, CEO of FC Midtjylland, said in a statement.
Dempo Group chairman Shrinivas Dempo said the investment marks the moment when intent turned into commitment.
"It's kick-off time for the Dempo foray into truly international football. Our agreement is aimed at raising the playing standard of Indian soccer, and this tie-up with a first-rate European academy and team shall spur the development of the game even faster," said Dempo.
The deal has been facilitated and coordinated by the sports management company, New World Consulting, which will be working closely with both Midtjylland and Dempo.