Two-time Indian Super League (ISL) champions Atlético de Kolkata and La Liga club Atlético Madrid have ended their association. The ISL franchise will be rechristened to ATK, expanding to “Amar Tomar Kolkata” (Yours and Mine Kolkata).

“Atlético Madrid and ATK have come to an agreement that they will not be part of ATK going forward. I don’t know why there’s still a speculation. We have had a good relationship and we continue to be friends,” principal owner Sanjiv Goenka announced during a press conference in Mumbai on Saturday.

”The name of the team is the name of the team. We are ATK. The full form is Atlético de Kolkata but it’s also ‘Amar Tomar Kolkata’.”

“Let me be very up front. Atlético Madrid have not invested a penny till date. It was anyways funded by us not them,” Goenka continued. “There are two aspects — one is financial and the other is technical. As far as finances are concerned, Atlético Madrid have not invested a penny with ATK. They had 25 per cent which they would sell to us. To me. So it does not make a difference whether they are there or not. We have with us a competent technical team.”

ATK will continue to don the red-and-white stripes, the Atlético Madrid colours, in the new season, while the club will be having an English influence in the 2017 Indian Super League season in form of former Manchester United star Tedd Sheringham who will be the new manager and former Bengaluru FC coach Ashley Westwood who joined the franchise as a technical director.