KOLKATA: The executive committee of East Bengal Club has officially announced the transfer of sporting rights of the club to Shree Cement East Bengal Foundation.
The club has also transferred all its assets and properties including their intellectual property to the new company, Goal.com reports.
The announcement was made at the Extraordinary General Meeting convened on Tuesday. Shree Cement East Bengal Foundation Limited is the newly formed joint venture between the club and their investors Shree Cement Limited.
The club is expected to play as SC East Bengal in the upcoming Indian Super League (ISL) with the prefix expanding to Shree Cement, but a formal announcement from the club has not yet been made.
The amendments to the club laws, which was approved by the general members of the club, effectively mean that henceforth, East Bengal will be run by the newly formed company and its board members which will have eight directors from Shree Cement Limited and two directors from East Bengal.
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