East Bengal cannot rope in a new investor until they get their sporting rights back from the Shree Cement East Bengal Foundation as Shree Cements holds about 76 per cent stake.
East Bengal is currently grappling with myriad issues on and off the field. SC East Bengal, an incarnation of the legendary club Indian Super League (ISL), are at the bottom of the standings after 18 matches. Off-field, the club management has been at loggerheads with sponsors Shree Cements over the signing of a final agreement on term-sheets for months, something that threatens the century-old club's future in the Indian Super League (ISL) itself. have put.
Amid the escalating feud between East Bengal and Shree Cements, senior club official Devvrat Sarkar in an interview with Sportskeeda spoke about the club's future signing of investors and rumours. Sarkar told the outlet that he had initiated talks with the Basundhara Group to patronize the club from next season and that "negotiations are on."
It is to be noted that East Bengal recently, in a lavish reception on the club's lawns, offered life membership to Bangladesh tycoon Saeem Shobhan Anvir - Managing Director of Bashundhara Group. There is a catch here, as East Bengal cannot hire a new investor until they get their playing rights back from Shree Cement East Bengal Foundation. Shree Cements holds around 76 per cent stake, while Club holds 24 per cent equity in the venture.
Asked whether existing investors had been informed of the club's intention to terminate the alliance at the end of the season, the government declined to comment on the contentious issue, saying the club had no affiliation with Mr Cements. There is no collision. However, he insisted that they "have to agree to our terms and conditions, we will certainly welcome their decision. They need to give us a fair offer for it."
The government also hopes that Football Sports Development Limited (FSDL) will help the club reach an amicable solution with its existing investors. “FSDL has given us their full support so far, and I am sure they understand our point of view and will work out a suitable solution for us,” he added.
On signing and retention rumours, Sarkar mentioned that they have not officially "signed any new players" yet, but have started talks with some of them. Rumors are rife that East Bengal has already handed over pre-contract letters to several young local talent for the upcoming season. The report said that Nabi Hussain Khan [George Telegraph], Mahtosh Roy [George Telegraph] and Shubham Bhowmik [Madan Maharaj FC] are among the many youngsters the club has reached out to.
To the oblivious, the Red and Gold Brigade entered the ISL at the last minute. He had severed ties with his former investors Quess Corp and was looking for investments for his ISL stay. However, no entity was willing to come on board until the Bangur family-led Shree Cement Ltd accepted the proposal in September last year. After several rounds of talks, West Bengal Chief Minister Mamata Banerjee mediated between the warring parties and based on a term sheet a new joint venture named Shree Cement East Bengal Foundation was formed.
Both the seasons of SC East Bengal have ended on a disappointing note, finishing ninth in their maiden ISL campaign. Whereas, in the current season, they have slipped to the rock bottom of the ISL 2021-22 standings, with just one win under their belt and are out of contention for the playoffs.