East Bengal\u2019s executive committee has chosen not to sign the club\u2019s final deal with its majority investor, Shree Cement. According to the club\u2019s General Secretary Kalyan Majumdar, this could result in members losing their fundamental rights.<\/p>\n
\u201cWe will not sign the agreement where the members will lose their fundamental rights, where the club will be permanently handed over and we will lose the right over ground, logo, tent,\u201d quoted Mr. Kalyan.<\/p>\n
This decision was made at an emergency meeting of the East Bengal club\u2019s executive members on Friday. The members\u2019 refusal to sign the agreement is due to a discrepancy between the initial and final term sheets.<\/p>\n
In the joint venture between the club and Shree Cement, things aren\u2019t looking good. All of this began in June 2020, when Quess Corp broke relations with East Bengal. Following that, the club was in desperate need of an investor to help them make the transition to their first ISL season. Mamata Banerjee, the Chief Minister of West Bengal, was instrumental in assisting the club in finding investors. Shree Cement joined in September 2020 with her assistance.<\/p>\n
All of the club\u2019s sporting rights, assets, and properties would be transferred to the joint venture between East Bengal and Shree Cement, according to the agreement\u2019s term sheet, with Shree Cement holding 76 percent stakes.<\/p>\n
The initial term sheet was signed, however, the executive members discovered variations between the initial and final term sheets that were not in their favour while signing the final binding agreement. The investors, on the other hand, claimed otherwise.<\/p>\n
The East Bengal Club\u2019s Executive Committee issued a press release following the meeting on Friday. \u201cUnder the leadership of the club president (Dr. Pranob Dasgupta), the Executive Committee has decided not to sign the final agreement which will force us to transfer the ownership, club ground, club tent, logo and the name of the club to the investors. The final agreement is insulting to the club members and they curtail the rights of the members\u201d.<\/p>\n
East Bengal finished ninth in the Indian Super League in their inaugural season under coach Robbie Fowler. The East Bengal camp is under a gloomy cloud, since this decision may harm their hopes of competing in the Indian Super League.<\/p>\n","protected":false},"excerpt":{"rendered":"
The East Bengal Club\u2019s Executive Committee issued a press release following the meeting on Friday.<\/p>\n","protected":false},"author":180,"featured_media":33099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[1579,654,1063,2378,389],"class_list":["post-10622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-football","tag-indian-super-league","tag-isl","tag-sc-east-bengal","tag-shree-cement","tag-sports"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/posts\/10622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/users\/180"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/comments?post=10622"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/posts\/10622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/media\/33099"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/media?parent=10622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/categories?post=10622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/tags?post=10622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}