Swiss football club FC Basel has acquired 26 per cent of shares in I-League team Chennai City FC (CCFC), India Today reports.

The deal between FC Basel Holding AG and the Chennai based team was announced on Wednesday (6 January) by co-owners Rohit Ramesh and R Krishnakumar, in the presence of FC Basel President Bernhard Burgener and CEO Roland Heri alongside other officials of the two clubs.

The partnership will see a top class residential youth academy set up in Tamil Nadu’s Coimbatore and roll out Soccer Schools in the state in Phase 1.

The academy will provide free education as well as boarding facilities to talented players in the age group of 10 to 18, ensuring they could study, play and focus on a career in the sport. Further, the academy through Soccer Schools will be imparting knowledge to schools regarding including the game as the curriculum.

Rohit Ramesh said, “Football is a passion, a movement and you need to deliver to the fans' aspirations. It is with this thought in mind that we ventured to make this move so that our fans get what they deserve - a world-class football club”.

Currently, Chennai City FC is on the top of the I-League. The club earlier known as Nethaji Sports Club is playing its third season in the top tier football league in India.

Co-owner R Krishnakumar said that the partnership is a belated new year gift for the players, fans, coaches as well as the support staff.

FC Basel President Burgener said, "This is not only a historic moment for Indian football and CCFC but also a historic moment for FC Basel as wee becoming strategical, supportive and financially active for the first time in Asia to grow this beautiful and only truly global sport of Football.”