After various sections of Indian media reported that Lulu Group International has taken over all the stakes at the club, Kerala Blasters, in its official statement, have denied the claims.

            Lulu International Group is a UAE-based hypermarket chain that is owned by Keralite billionaire Yusuf Ali M.A. and own one of the largest malls in India, based in Kochi. They also have a great influence in the Middle East.

            It was earlier reported that Lulu Group has bought all the stakes of the club, which included 20% sharehold of Sachin Tendulkar and 80% of the Hyderabad-based Prasad Group.

            "The existing 80 per cent of KBFC comprising of IQuest, Mr Chiranjeevi and Mr Allu Aravind have entered into a definitive agreement to acquire Sachin Tendulkar's 20 per cent stake in the club.", the Indian Super League outfit said in its official statement.

            However the club has confirmed that legendary ex-cricketer Sachin Tendulkar has given up his share and sold off his stakes at the club to the current owners of the club, i.e, the Prasad Group.

            The existing 80 per cent of KBFC comprising of IQuest, Mr Chiranjeevi and Mr Allu Aravind have entered into a definitive agreement to acquire Sachin Tendulkar's 20 per cent stake in the club, the statement from Kerala Blasters read.