No talks held to buy Kerala Blasters FC, VPS Health Group clarifies

UAE’s VPS Health Group has denied reports linking it to the rumoured takeover of Indian Super League (ISL) club Kerala Blasters FC, dismissing the speculation as “baseless”.

“The Group stated that neither VPS Health nor its Founder, Dr Shamsheer Vayalil, has been involved in any discussions regarding the acquisition of the club. VPS Health reaffirmed that the circulating reports are false and have no factual basis,” the statement said.

Difficult financial period

The speculation emerged as Kerala Blasters, one of India’s most popular football clubs with its passionate supporters, continues to grapple with one of the most difficult financial periods in its 12-year history.

Club owners Magnum Sports Limited have reportedly been exploring the sale of the franchise after suffering mounting financial losses but are yet to secure a buyer.

Earlier, IBS Software chairman and Kozhikode FC owner V.K. Mathews had expressed interest in acquiring the ISL side. However, the IBS Group reportedly withdrew from negotiations after deeming Magnum’s asking price of Rs1.5 billion too high. The group also felt there was insufficient time to rebuild the squad ahead of the upcoming ISL season, according to an OnManorama report.

Kerala Blasters’ financial challenges have intensified since Football Sports Development Limited (FSDL), the commercial partner of the All India Football Federation (AIFF), stepped away from managing the ISL. The move brought an end to the broadcast and commercial revenue distribution that clubs had previously relied upon.

Significant Investment

As a result, the Blasters reportedly lost around Rs300 million in annual revenue, including FSDL’s financial support. The league’s broadcast rights value also reportedly plummeted from approximately Rs2.7 billion to just Rs80 to 90 million last season, further worsening the financial outlook.

Adding to the pressure, the player transfer window remains open until August 31, with the club still needing significant investment to strengthen its 13-member squad and support its reduced management team.

According to the report, Magnum had been in discussions with a Malayali entrepreneur based overseas, fuelling speculation across several media outlets that Dr Vayalil could be the prospective buyer.