Ranjit Bajaj, who has had several run-ins with the country's football authorities, has left Punjab FC after resigning as one of the directors of the I-League club.
Bajaj, whose club Minerva Punjab FC surprised Indian football fraternity by winning I-League title in 2017-18, sold his family's remaining 50 per cent stake to the Mohali-based RoundGlass Sports Private Limited which is now the sole owner of the club. RoundGlass is a lifestyle and well-being firm.
Last year, Bajaj had sold the 50 per cent stake of Minerva Punjab FC to RoundGlass which led to the club being named Punjab FC in the current I-League season which has been suspended due to the COVID-19 pandemic.
Bajaj said he will now focus on the grassroot and youth development at his Minerva Academy and come back with a team to the top structure of the Indian football after a few years.
"I have come to the realisation that instead of spending my time and resources on a commercial venture of an I-League club, I may serve Indian football and the nation as a whole much better if I focus on youth development and grassroots, at least for a while," Bajaj said in a statement.
"I am not going anywhere and neither is #TheFactory Minerva Academy, I can never abandon Indian football," he added.
He said he will scout young players from all over the country and train them in his academy for the future.
"I have long been an advocate for youth development and my World Cup 2034 mission is no secret. Minerva has started scouting kids from all over the country to induct batches of U-9 age groups already. We plan to train these kids together from a young age so that they grow into a formidable unit for the country," the maverick former owner said.
"We started from the bottom and made it to the top ... so now it is time to start from the scratch again."