Shree Cement Limited (SCL) officially ended its topsy-turvy two-year association with East Bengal on Tuesday by returning the sports rights.
This was mainly due to the efforts of West Bengal Chief Minister Mamata Banerjee, the cement conglomerate owned by Hari Mohan Bangur bought a 76% majority stake in beleaguered East Bengal to help them enter the Indian Super League in 2020 -21.
But the association did not go smoothly as the East Bengal executive committee, which is mainly led by Debabrata (Nitu) Sarkar, refused to sign the final agreement, alleging discrepancies between the final agreement and the sheet. initial conditions.
Confirming the development, the CEO of Shree Cement Ltd, Colonel Shibaji Samaddar told PTI: “Yes, Shree Cement left East Bengal after two seasons. The sports rights transfer process had been going on for a few days. didn’t sign the final agreement and according to the term sheet, the association was for two years, so it finally ended.”
After coming on board, Shree Cement had promised a long-term association with the club, but issues started brewing ahead of the second season regarding the term sheet.
It was once again at the request of Mamata Banerjee, Shree Cement had agreed to continue for the last edition of the ISL where the situation worsened as they finished bottom of the table with only one victory in 20 matches, including 11 defeats and eight draws.
Under Liverpool legend Robbie Fowler, East Bengal earned a poor ninth place finish in their debut ISL season with nine defeats, eight draws and just three wins.
It was not the first time that the club’s management had found themselves at an impasse with their investors.
Prior to SCL, East Bengal had also suffered a similar fate with their Bengaluru-based investors, Quess Corp, who also quit after a two-year association in an early end to their three-year deal.
EB in talks with Bashundhara Group A senior East Bengal official has also confirmed they have picked up the sports rights and said ‘we will officially announce the development on Wednesday’.
He further said that they were in “talks with Bangladeshi investors Bashundhara Group, which owns Bangladeshi top club Bashundhara Kings.
Asked about their fate within ISL, the senior EB official said: “SCL may be out but at the moment we are not thinking beyond ISL… We have hopeful to reach an agreement with the Bashundhara group, but nothing is formalized as yet.” Recently, Bashundhara Group General Manager Sobhan Anvir and other officials were praised by the club.