THE WORST CASE SCENARIO THAT LOVERS OF Kolkata’s SC East Bengal, which turned 100 two years ago, is now a reality with new investors Shree Cement ending all dealings with the iconic football club’s intransigent management committee.
The Rajasthan-based cement manufacturer has already sent a mail handing back East Bengal’s sporting rights to Football Sports Development Ltd, commercial rights holders of the Hero Indian Super League, and West Bengal Chief Minister Mamata Banerjee.
It bears noting that Shree Cement had last Monday sent a take it or leave it final agreement to the club’s legacy official. At the time East Bengal executive committee member Debabrata Sarkar, also “the face” of the legacy officials, had told Telegraph India: “Yes we have received the final agreement. Our lawyers will go through it.”
“The final agreement has all the incorporations without deviating from the term sheet (signed in early September 2020). Now the club will let us know when it intends to sign the deal,” a Shree Cement representative told the daily.
Post that, two meetings were scheduled on Friday in a bid to break the deadlock. First was a meeting of mediators with club officials to be followed by a meeting of the Sarkar-fronted working committee of the club. However, the second meeting was called off. East Bengal subsequently issued a statemet: “We have placed our viewpoints and await their response based on which the next course of action will be decided.”
The response has now been delivered. “Shree Cement over and out!”
For the record, over ten months ago the cement major bought a 76% stake at the Red and Gold and became the club’s investors. East Bengal and Shree Cement then signed a term sheet enabling the club’s participation in the ISL. It was then agreed that ownership would be transferred to the investors at a later date. Shree Cement also invested over Rs 500 million in the club.
But after the club officials refused to sign the final agreement, Shree Cement had declared in May that without a final agreement, there would be “no further investment” in the club.
Related Report
Shree Cement sends East Bengal final agreement for signing
