India

Ownership and regulation

ISL clubs are franchise-based, with team licences held by corporate groups. The ISL operates without full promotion/relegation, though a limited pathway between ISL and I-League was introduced. Franchise fees and ownership changes require AIFF and league approval.

No restrictions on foreign ownership. Several ISL franchises have international investors or co-owners. The league was co-founded with IMG-Reliance and has always had a commercial orientation.

Governing body: All India Football Federation (AIFF)

Tax and legal structure

Indian corporation tax at 22% (under new regime) or 30% (old regime). India's regulatory environment for sports is evolving. The rupee introduces currency risk.

Valuations

ISL franchises: £10M-£50M. I-League clubs: £1M-£5M.

Recent deals

City Football Group owns Mumbai City FC. Atletico de Kolkata (now ATK Mohun Bagan) was co-owned by Atletico Madrid before their exit. Several other ISL franchises have attracted corporate investors.

Entry points

ISL franchise stakes are available at £10M-£40M. I-League clubs are accessible for under £5M. India's 1.4B population makes it the largest untapped football market in the world.

Our view

India is the biggest bet in football. The population is 1.4B, cricket dominates but football is the second most-watched sport, and the ISL has grown from a short-format exhibition league to a fuller competitive structure. The talent level is still low by global standards, and the gap between Indian football and even Southeast Asian leagues is significant. There is no proven pathway for Indian players to reach top European leagues. This is a market where the investment thesis is based on participation growth, commercial revenue from a massive population, and a 10-20 year time horizon. If football captures even a small share of India's sports market, the returns will be large. But that is a long wait with uncertain timing.

For comparison, see our guides to England, Spain, and Italy.

Other markets