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Football Sports Development Limited (FSDL) cited on their financial statements that the companyhad given a loan of ₹10 crores to Mohun Bagan Football Club in the financial year of 2021-22. Incidentally, they own and operate the Indian Super League (ISL).
According to the official report, the loan amount, which was given out on April 1, 2021, was waived off by the company before the due date of repayment. The amount has led to a decline in FSDL's non-concurrent assets from ₹50.43 crore as of March 31, 2021, to ₹30.46 crore a year later.
Furthermore, the accrued interest on the loan of ₹1.91 crore, which was payable by Mohun Bagan, was also waived off by the company during FY 2021-22. The report cited that the loan was proposed to be used for business purposes by the Kolkata club.
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So far, there has been no detailed clarification from either party about the loan and its purpose, however, it has given rise to ample of speculation across social media.
FSDL reported a loss of ₹46.30 crores in the fiscal year 2021-22
The financial report for 2021-22 further highlighted the gloomy state of affairs for the owners of the ISL. Football Sports Development Limited incurred a total loss of ₹46.30 crore compared to ₹13.68 crore in 2020-21. The comprehensive loss for the year adds to a slightly higher ₹46.31 crore.
However, the total revenue too increased from ₹371.92 crore in 2020-21 to ₹393.77 crore. The major source of income from operations was event management (₹253.59 crore) and participation fee (₹136.01 crore).
Major operational expenses from the previous fiscal year included stadium costs (₹10.17 crore), players, commentators, and other professional fees (₹22.85 crore), central rights distribution (₹179.95 crore), commercial rights fee (₹42 crore), and event management expenses (₹75 crore).
Overall the expenses also saw growth when compared to the 2020-21 cycle. FSDL had an operation expenditure of ₹411.21 crore in 2021-22 compared to ₹369.74 crore in 2020-21.
