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The East Bengal Club revealed on Wednesday that the Kolkata giants were handed back their sporting rights by current investors Shree Cement Limited.
Club officials received a letter from the investors on April 12 intimating their desire to pull out of the agreement. East Bengal officials will accept the terms after consultation with their legal aides.
The Hari Mohan Bangur-owned cement conglomerate bought a 76 percent stake in the Red and Gold Brigade 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.
However, the union between the two entities was filled with squabbles over the signing of the final agreement. The club's management refused to sign the term sheet, citing discrepancies between the initial term sheet and the final agreement.
Presiding over a press conference, Executive Committee official Debabrata ‘Nitu’ Sarkar thanked the investors for their contribution to the club over the past two years. The senior official also stressed that the Torchbearers will continue to represent the state in the Indian Super League (ISL).
"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 arise."
Sarkar opens up about tie-up with Bashundhara Group
Meanwhile, East Bengal have been linked to a tie-up with the Bangladeshi manufacturing bigwigs Bashundhara Group since the start of the year.
The Bangladeshi conglomerate owns the reigning Bangladesh Premier League champions Bashundhara Kings. Amidst the rumors, officials from both parties have met on multiple occasions.
Debabrata Sarkar insisted that, although officials from both parties have been in constant communication, no final deal has been chalked out. Bashundhara Group needs a green light from Bangladesh Prime Minister Sheikh Hasina to move forward with the deal.
"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's officials also underlined that if the deal does go through, Bashundhara Group are expected to come in as investors.
But Sarkar stated that going forward, the club will only be willing to hand over their football rights to their next investor and not sporting rights as was done previously.
Meanwhile, the Kolkata-based club's secretary Kalyan Majumdar informed about the future of the joint venture - Shree Cement East Bengal Foundation. According to him, it will be dissolved if and when the club accepts the terms of the letter.
"To play for East Bengal, you need players with a certain amount of quality" - Former player Syed Rahim Nabi
Sarkar also informed that the club has deputized a group of former East Bengal players to overlook and advise them on the signing of players in the upcoming season. He insisted that the players best understand the ideology that is ingrained in the fabric of the club and will continue to advise the Red and Gold Brigade.
Syed Rahim Nabi, a former player who is now part of the advisory group, in an exclusive interaction with Sportskeeda, revealed how they have been scouting players in the I-League and other local competitions.
"To play for East Bengal, you need players with a certain amount of quality. In the two years in the ISL, the club finished ninth once and last this year. No one expects a performance like this from our club. None of us liked the way East Bengal has played in the last two years and hence we are being sent out to find players."
Asked if the club will face problems in recruiting players ahead of the upcoming ISL season after the de-merger, Nabi averred:
"Yes, we'll definitely have to start building the team immediately. Because even if we're scouting players, if another club approaches them, then it becomes difficult for us. We just cannot build a team for the sake of it."
The exit of Shree Cement Limited brings an end to a tumultuous chapter in the 102-year-old history of East Bengal. But the de-merger will also lead to a truckload of questions.
Will Bashundhara Group become the next investor? Can the Red and Gold Brigade rope in some other investors?
Will East Bengal have enough cash power and time to assemble a team for the next season? And even if all the questions are answered, the team's return to the glory days seems like a long and ardous journey. At least for now.
