Kolkata football giants East Bengal club have revealed that their former investors Shree Cements have returned their sporting rights as the agreement between the two parties comes to an end.
Shree Cement have sent a letter to the East Bengal officials sharing their lack of interest in continuing to keep the agreement. The club officials have acknowledged the letter and are now taking guidance from their lawyers as we witness a smooth transition as they part ways.
Shree Cement bought 76 per cent stake in the Kolkata Giants back in 2020. The partnership was brought to fruition by West Bengal Chief Minister Mamata Banerjee. A joint venture named Shree Cement East Bengal Foundation was formed on the basis of a term sheet.
But it was not fruitful as there were multiple issues lineup up and both parties never fully came to terms with each other requirements. The club officials refused to sign the term sheet citing discrepancies between the initial term sheet and the final agreement.
Recently East Bengal chief Debabrata Sarkar held a press conference and thanked the investors for their contribution to the club and also their cooperation in the last couple of years. The senior officials also claimed that the Red and Golds will feature in all the upcoming tournaments including the Indian Super League.
“I remain hopeful that East Bengal will play in the Indian Super League. We had a discussion with West Bengal CM and we have some plans. We have been talking to a few possible investors and Mamata Banerjee has advised us to continue the talks. Within 10-15 days we can come to a decision about the step forward and then we will discuss it with her.”
“Not only the ISL, we’ll also look to play in all tournaments possible. We’ll prepare four different teams if the need arises,” Sarkar added.
The club officials have also started talking with several potential investors out of which Bangladeshi conglomerate Bashundhara Group seems to be the front runner as their officials have also visited the club and East Bengal officials have also gone to Bangladesh to prove their mutual trust in this brewing relationship.
However, Debabrata Sarkar has emphasized how no deal has been confirmed yet with Bashundhara Group, despite constant communication with them. He revealed that the Bashundhara group will have to speak with their prime minister before finalizing the deal. Hence it is still not finalized yet as they are waiting for the PM’s signal.
“We have made some progress in the talks with Bashundhara Group. Discussions are still ongoing. Now they’ll have to talk to the Bangladesh PM to figure out the proper guidelines for the deal to go ahead. Before that happens, we cannot chalk out any deal. So for the time being, we’re waiting for a response from their PM.”
The club officials are clear that if the deal goes through then Bashundhara Group will be the new investors of the East Bengal club.
