'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,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'%3E%3C/image%3E%3C/svg%3E)
It seems as if East Bengal Club are stuck in a time loop. Tournament end – investor hunt, tournament end – investor hunt, tournament end – investor hunt; it’s a recurring pattern that has left the club’s future in limbo.
The club’s Indian Super League (ISL) avatar, SC East Bengal, recently ended their horrendous campaign in the eighth edition of the tournament in Goa. Equalling their worst showing of the 1928-29 season, the Red and Gold Brigade finished rock-bottom in the 11-team league with a solitary win in 20 matches.
The only saving grace for this team is the absence of relegation in India’s top-flight football. It has been claimed that the seething fans 'greeted' the then officials with hockey sticks after the club was relegated to the CFL Second Division 94 years ago.
With the on-field action having ended for the time being, the focus has now shifted to the escalating feud between East Bengal and their current investor, the Bangur family-helmed Shree Cement Limited.
The separation between the two parties seemed inevitable when Shree Cement's advisor Srenik Sett, in his interview with a leading Bengali portal on Tuesday, claimed that they would soon return the sporting rights to the club. He also spoke about the futility of “staying” as the club “has no intention of signing the final agreement.”
However, when we contacted Shree Cement Limited’s Managing Director Hari Mohan Bangur on Tuesday evening, we obtained more clarity on the matter. Here are excerpts from his exclusive conversation with Sportskeeda.
Everyone is mature; we’ve to see if we can meet the club’s expectations or not: HM Bangur
Shree Cement Ltd. has been patronizing East Bengal’s football operations since September 2020, a few months after the 101-year-old club parted ways with its former investor, the Bengaluru-based Quess Corp.
The cement giants have so far spent close to ₹100 crore on East Bengal’s ISL sojourn. From appointing Liverpool legend Robbie Fowler as head coach last season to investing heavily in scientific training methods, the company has demonstrated its lofty ambitions for the club on several occasions. Yet, the collaboration has been anything but smooth.
The two parties have been at loggerheads over the drafting of the definitive agreement, which hasn’t been made public. The differences started to surface when East Bengal officials refused to sign a definitive agreement after the club’s last-minute foray into the ISL.
They’ve raised objections to certain “conditions” that they believe would “curtail the rights of the members” and force them to “transfer perpetually everything from the club ground, tent, logo and the name of the club to the investors.” The Shree Cement representatives, meanwhile, have refuted these claims, evincing their intention to promote brand “East Bengal” at the global level.
When asked if his company has decided to sever all ties with East Bengal Club, Mr. Bangur told Sportskeeda:
“There’s no doubt about the fact that we want to stay with East Bengal. But it depends on a few factors. Let’s see what happens. They [the club officials] are mature people, we’re mature people, so we’ve got to see if we can meet their expectations or not.”
We would like to keep our options open: HM Bangur on the possibility of seeking Mamata Banerjee’s intervention again
It was West Bengal chief minister Mamata Banerjee who facilitated the partnership between East Bengal and Shree Cement as both parties signed a term sheet in her presence at the state secretariat ‘Nabanna’ on September 2, 2020.
Accordingly, a joint venture called Shree Cement East Bengal Foundation was established, which currently possesses the club’s sporting rights. As per the term sheet, Shree Cement Ltd. has a majority stake of 76 percent in this new entity, while East Bengal Club own 24 percent equity after the transfer of their sporting rights, as well as assets and properties (including intellectual property).
Incidentally, when Shree Cement expressed its desire to pull out of the deal last year, it was again Banerjee who played peacemaker as the company agreed to back East Bengal at her behest.
Will Shree Cement seek Mamata Banerjee’s intervention in the matter once more? Mr. Bangur stated that he would like to keep his “options open” when asked about the same.
“No individual is greater than the organization” – HM Bangur on his philosophy
A thorough gentleman hailing from an illustrious business family, Mr. HM Bangur is credited with scripting Shree Cement’s turnaround story. Who would believe that the company, one of the largest players in the sector today, was on the verge of bankruptcy 25 years ago?
For Mr. Bangur, the philosophy is simple. He said:
“In a company, an individual’s wishes become subordinate to those of the organization.”
The veteran entrepreneur wants the club to imbibe the same philosophy going forward. When asked if he's personally willing to sit with the club officials to reach a settlement, he replied:
“See, for me, an individual is never important. What’s more important is the company. Somehow, we need to come out of this individual culture and embrace the corporate culture. We need to understand that the club [East Bengal] is more important than anyone else at the moment.”
