Former convicted criminal, now businessman Kalpi Prasad is in talks to purchase Adelaide United

An Adelaide businessman, with a criminal history, is in talks to buy Adelaide United Football Club.

An Adelaide businessman, who turned his life around after serving jail time, is in talks to buy Adelaide United Football Club.

The pending multimillion-dollar deal, poised to restore the club to South Australian ownership, is reportedly nearing completion, with an announcement possible in the coming weeks.

Sources have told The Advertiser that business owner Kalpi Prasad, 38, is in exclusive negotiations to become the majority owner of the A-League soccer club.

Current majority shareholder Dutch businessman Cor Adriaanse would retain a minor stake in the club.

Mr Prasad, who considered Mr Adriaanse a mentor and a friend, said he was “not in a position to confirm any specific transaction or outcome”.

“While I’m not in a position to speak about hypothetical ownership, I will say that if I were ever involved in a club of Adelaide United’s calibre, it would be with the aim of supporting its long-term sustainability, community engagement, and youth development,” he said.

“I believe in backing institutions that have strong local roots and national significance – and doing so with humility, professionalism, and proper governance.”

An Adelaide businessman is reportedly in talks to buy Adelaide United Football Club. Photo by Mark Brake/Getty Images

Mr Prasad, who owns private lending company Renown Lending, said as an Adelaide local he had “followed Adelaide United’s journey with pride”.

“The club reflects the spirit of South Australia – gritty, inclusive, and aspirational,” he said.

Mr Prasad said his interest in community and grassroots sports stemmed from “a desire to give back to the city that raised me”.

“I see sport – particularly football – as a powerful vehicle for opportunity and social connection,” he said.

Mr Prasad said he had transformed his life since he was convicted in 2016 of defrauding the Australian Taxation Office of almost $100,000 and fleecing an international student of thousands of dollars by emailing him a fake working visa.

Mr Prasad pleaded guilty to four Commonwealth fraud charges in relation to the offending and he was sentenced to four year and five months in prison, with a non-parole period of one year and 10 months.

The St Peters College graduate said he had taken responsibility for his past and had done “the personal work necessary to rebuild my life with integrity”.

“What matters to me now is living those lessons – through ethical business practices, community involvement, and mental health advocacy,” he said.

“We all stumble – What defines us is how we choose to stand again.

“I hope the public sees me not for the chapter I’ve closed, but for the life I’ve been writing since.”

Adelaide United Football Club was contacted for comment.

The Reds A-League men’s team finished in sixth place on the ladder in the 2024/25 season, which ended last month.

The women’s team finished third for the season - the best result in the team’s history.

Originally published as Former convicted criminal, now businessman Kalpi Prasad is in talks to purchase Adelaide United