An irritated Shree Cement’s five-year partnership with East Bengal was terminated on Tuesday, leaving the team in a significant financial dilemma ahead of the 2018 Indian Super League (ISL) season, according to West Bengal Chief Minister Mamata Banerjee.
Days before the previous season, the cement giants purchased a 76% share in the team in a stunning acquisition.
Banerjee had been a significant figure in the negotiations.
Shree Cement has returned the sporting rights, according to the chief minister, but despite the “limited time,” she is optimistic about the red-and-future gold’s in the forthcoming ISL season, which begins on November 19 in Goa.
“I’ve received a letter from the authorities (Shree Cement Limited) at the very last moment that they will not be able to run the show (at East Bengal),” Banerjee told reporters at Nabanna, the state secretariat.
“It’s a very bad attitude, to keep the club’s fate hanging for several months and then pulling out at the last moment. We are very sad and annoyed.”
The club’s administration and SCL have been at odds over the final binding agreement, which has resulted in the crisis.
Banerjee revealed that the investors met with her on August 16 and assured her that the issue will be resolved quickly.
“So, what happened to cause things to alter so abruptly, and what is the mystery behind it?” she inquired.
“East Bengal have a great legacy. We all want Mohun Bagan and East Bengal to play in ISL. I am very happy that Mohun Bagan are playing and we all want East Bengal to play in the ISL too.
“We will also let them know that we are displeased with the situation and we will try to sort this out. Time is very short, let’s see. I urge everyone in the club management to come forward and deal with the crisis,” she added.
Meanwhile, Banerjee has requested a meeting with representatives from both sides in Nabanna on Wednesday, according to a senior government official.
“She’ll be assisting them in resolving their differences,” the official told PTI.
However, East Bengal’s top executive official, Nitu Sarkar, stated that the letter of disassociation from SCL had yet to arrive.
“We are yet to receive the letter, so cannot comment at this point of time. But we are hopeful to play ISL,” Sarkar said.
In September of last year, the club’s administration signed an initial term sheet in which all of the club’s assets and properties (including intellectual property) were supposedly transferred to the newly created joint venture “SC East Bengal.”
It had laid the way for their spectacular ISL debut last season, when the Robbie Fowler-coached team finished a dismal ninth with nine loses, eight draws, and only three wins.
However, tensions arose in the run-up to the new season, when the HM Bangur-owned SCL refused to “invest a penny” on team-building until the final deal was finalised.
The executive committee of the East Bengal club had opted not to sign the final agreement due to differences in the initial term.
On August 16, Shree Cement handed the club and the West Bengal Chief Minister an updated version of the final agreement.
However, after consulting with legal counsel, the club’s administration remained determined, and SCL decided to terminate the agreement.
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