A split between East Bengal and Shree Cement has put an end to East Bengal’s hopes of playing in the Indian Super League for the Sporting rights will be returned to East Bengal by the investors. If this happens, the club will be left with no financial backing. East Bengal’s participation in the ISL 2021/22 season appears unlikely with only a few weeks to go.
East Bengal and Shree Cement have been at odds over the signing of the final agreement since Shree Cement’s arrival as investors last season. As part of their agreement, the Kolkata club was allowed to compete in the ISL last season. In addition, the parties had agreed that ownership would be transferred to investors later.
East Bengal officials, on the other hand, have dragged out the deal for over 10 months, resulting in a deadlock between them. Because of inconsistencies in the final agreement, officials refused to sign it. Officials claimed that certain clauses in the final agreement did not match those in the first term sheet. However, it appears that despite multiple meetings and the intervention of a third party, the disagreements have not.
They have already sent the letter to FSDL, who was acting as an intermediary, returning East Bengal’s sporting rights. They also forwarded a copy of the letter to the West Bengal Chief Minister Mamata Banerjee’s office, Nabanna.
Dead End for East Bengal and Shree Cement
As East Bengal was left with no sponsors after Quess Corp. pulled out, West Bengal CM Mamata Banerjee intervened and invited Shree Cement, which purchased the Red and Gold for 76 percent of its value and became the club’s investors.
Earlier this year, East Bengal and Shree Cement signed a contract allowing them to compete in the Indian Super League. It’s worth noting that Shree Cement invested over 50 crores. However after the club officials refused to sign the final agreement, the corporates stopped pumping in more money.
As a result of this, they claimed that signing the agreement would result, investors would have complete control over the club’s property, club name, logo. It’s worth noting that Shree Cement insists that the final agreement is nothing more than an officialized version of the term sheet.
ISL Season of East Bengal
When East Bengal made their debut in the ISL last season, they were led by former Liverpool legend Rob Fowler. After winning only three games, the club finished ninth in an 11-team league. A lot of it was due to the club’s lack of time to build a squad capable of challenging for the top four spots in the Indian Super League.
However, if East Bengal can find an investor as soon as possible, it may not be the end of the road for them in the ISL. The organizers of the Indian Super League, the FSDL, have been waiting for East Bengal to finalize the deal with Shree Cement in order. As a result of the deal’s failure, the club must now find a new investor if it hopes to continue playing in the ISL.
