FC Pune City quashed reports that the club is closing its operations confirming on Monday that the Indian Super League club is in fact relocating to a different city.

In a statement released by the Stallions, the club has promised to meet its financial obligations towards its contracted players without delay.

Wadhawan Sports Pvt. Ltd, which won the bidding rights for the Pune franchise since the inception of the league, will continue to hold the reigns to the club and is seeking potential investors to raise capital.

The statement read, "Wadhawan Sports Pvt. Ltd., which owns FC Pune City, is not winding up its operations, as it has been floating around in some news publications, but in fact looking at relocating to a new city. The company is in the process of raising capital through partial stake sale and is in contact with potential investors, as is the process followed by several clubs in the Hero Indian Super League (ISL), I-League, and globally.

"To all those concerned clubs who have been approaching players contracted to FC Pune City directly, we would like to remind them this is against the statutes put in place by FIFA. We would ask these clubs to kindly contact FC Pune City club management.

"To all the players who are contractually obligated to FC Pune City, we wish to wish to inform you that all the financial obligations will be met as per the agreed schedule. We advise you not to fall prey to frivolous rumours surrounding the club, and approach/inform the club management od any inquiry you might have."