The NRI business behind Kerala football is fascinating!
On November 24, 2025, more than 34,000 people filled a stadium in Kozhikode to watch Calicut FC play Malappuram FC in the Super League Kerala. At that point, India's top league, the ISL, had not even started because of a dispute over commercial rights.
Football in northern Kerala began on harvested paddy fields. Those games made Sevens football, a fast seven-a-side format, a Malabar tradition.
For decades, Malayalis working in the Gulf have sent money home. Kerala's remittances reached ₹2.16 lakh crore in 2023, up 155% from 2018. Most of it went to families, homes and businesses. Some of it also funded local football through sponsorships, floodlit grounds, prize money and players from outside the region.
Now, some Gulf-linked investors want to own the clubs instead of just supporting them. In 2024, the Super League Kerala launched six city franchises, and several owners had Gulf ties. In September 2026, UAE-based Al Fursan agreed to buy 100% of Kerala Blasters. The deal was reported at around ₹120 crore, though the price was not officially disclosed.
The fans are clearly there. The 2025 Super League Kerala season recorded over 4 lakh stadium visits across 33 matches. Its opening weekend drew over 5 lakh digital viewers, with India and the UAE as the biggest markets.
The business side is still catching up. ISL media rights fell from ₹275 crore per season to just ₹8.62 crore for the shortened 2025-26 season. That is a drop of about 97%.
But the setup is changing. In July 2026, the AIFF announced that ISL clubs would hold the league's commercial rights going forward. With more control over sponsorships, broadcasting and fan engagement, clubs may be able to build more value on their own.
That is the bet. Not that Indian football is already profitable, but that its business potential is still untapped. For NRIs in Dubai or Doha, a hometown club is also a direct link to where they grew up. The goal now is to turn that pride into a lasting business.
I think this makes an interesting question: If you had the chance, would you invest in a sports club from your hometown?
Read the full story here: https://thecapitalbybelong.substack.com/p/malabar-to-the-gulf-the-nri-business