Indian football’s top division is trying to stage a season without the three pillars that normally make a league investable: a long‑term commercial partner, predictable central revenue, and a stable competition format. The All India Football Federation (AIFF) set a 1 January deadline for Indian Super League (ISL) clubs to confirm participation and choose a preferred format, but that deadline has effectively morphed into a negotiation point rather than a clean sign‑off.

At the core, this remains a governance and capital‑structure crisis: the old single‑promoter model has ended, but the new model, central rights partner, revenue‑sharing framework, and regulatory alignment with the AFC does not yet exist.

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