Atletico de Kolkata is the most successful team in the Indian Super League with 2 titles in three years since the tournament’s inception.
The Kolkata-based franchise, partly owned by La Liga club Atletico de Madrid for the first three seasons, had earlier this month split from the Spanish club.
With the partnership ending, Sanjiv Goenka, the club’s principal owner, brought the 25 percent share from Atletico and had announced that they would now be known as ATK -- short for Amar Tomar Kolkata (Yours and Mine Kolkata).
Various reports had claimed that differences in profit sharing margins between both parties resulted in the break-up.
But on Sunday, the real reason for the split was revealed.
Atletico Madrid chief executive Miguel Angel Gil Marin said that the La Liga club ended their association with the Indian franchise due to disagreements over youth development.
In an interview with Atletico's official website, Gil Marin said that differences of opinion with their partners in Calcutta over youth development had led to the break.
"We are going to promote those franchises where Atletico has the majority of the capital that allows it to be able to develop the image of Atletico de Madrid through its academy and the work in professional football," Gil Marin said.
"This means putting an immediate stop to the franchise in India, since the majority holder of Atletico Kolkata does not allow the development of the image of Atletico de Madrid through our academy in India.
"India is an incredible country, with a great potential. Atletico has done a great job in Calcutta. We have managed to make Atletico de Madrid loved and recognised, but we need to develop it there, working, in addition to a professional team, with the children through our academy.
"And this is something that we cannot do with the majority shareholder of the franchise. But we want to continue being close to all the fans of Calcutta and of the whole of India."
