Kolkata: The ongoing tussle between East Bengal and investors Shree Cements may have taken the final turn on Friday as the club management officially announced they won’t sign the final agreement. The decision comes in largely due to the crisis over transferring the sporting rights.
The decision, which was taken through an emergency meeting where 24 executive members signed the statement could possibly imperil the Kolkata giant’s participation in the upcoming season of the Indian Super League – the current top-tier league in the country.
“Under the leadership of the club president (Dr. Pranob Dasgupta), the Executive Committee has decided not to sign the final agreement which will force us to transfer the ownership, club ground, club tent, logo and the name of the club to the investors,” stated East Bengal secretary Kalyan Majumdar in a media release.
“The final agreement is insulting to the club members and they curtail the rights of the members. We appeal to our fans to stand beside the club. Under the current circumstances, we have decided to discuss the matter with the former players of the club,” he further stated.
The meeting was held for a lengthy period, where the differences between the initial term sheet which was signed and the final agreement claimed by the club officials, were discussed.
Back in September 2020, the club tied up for a joint venture named Shree Cement East Bengal Foundation. Shree Cement held 76 per cent stakes while East Bengal had 24. The term sheet was actually signed by both sides in the presence of the honourable West Bengal Chief Minister Mamata Banerjee who took the initiative bringing in the company on board.
But a final binding agreement of the deal was the one for which the officials took a step back. As a result, the investors had even stopped their plans for building the squad for the upcoming season. A few players also left the team amidst catastrophe.
The fans of the of the club even wrote an open letter to the CM about the matter requesting her to intervene but after Friday’s decision, the looked like the final nail in the coffin has been placed. However, the official statement from the investing company is yet to be released.
The club has also not formally announced its decision to play in the forthcoming Calcutta Premier League. As it seems, if East Bengal do not appear in the ISL, will they be playing in the I-League? That’s the question the club officials need to clear out.
