Kolkata: The long fiasco between investors Shree Cement and East Bengal has finally come to an end as the former decided to return back the sporting rights and won’t be investing further in the club. The decision was taken on Monday with an email sent to the club.
With Quess Corp leaving East Bengal last season, Shree Cement came on board taking the majority of the stakes helping them to find a place in the Indian Super League in the 2020-21 edition.
“I haven’t seen the email yet. They had numerous illogical demands to which we did not agree. They tried to transfer the base of the club, tried to change the logo, tried to put a cap on the timings for the fans to enter the club premises, and many more,” East Bengal official Debabrata Sarkar told News18 Bangla.
“I will see the email, and we the executive members will hold a meeting soon to decide on what will be our next steps,” he added. The battle between Shree Cements and East Bengal started after the last ISL season.
While the club did not want to sign the final term sheet, which would give the sporting rights to the Shree Cement, the investors were adamant that if East Bengal refuse to put pen on paper, they won’t invest any further.
Shree Cement has verbally conveyed the decision to walk away to Nitu Sarkar. Official letter expected soon. #EastBengal https://t.co/4fXuDMSUZi
— Subhayan Chakraborty (@CricSubhayan) August 23, 2021
Earlier, East Bengal secretary Kalyan Majumdar had issued an official statement declining the proposal from the investors. In reply, Shree Cement said they would only be transferring the rights if the amount of Rs 55 crores that has been spent on the club is returned.
The fiasco put the future of the club in a blur. With no transfers and efforts to make the team for the upcoming season, East Bengal are unlikely to compete in the ISL 2021-22 unless any miracles happen at the last moment.
The club will also not be playing in the ongoing Calcutta Football League despite they have their names in the fixtures. The uncertain future of the club had also angered the fans who protested outside the premises last month demanding Sarkar’s resignation.
