As expected, East Bengal has parted ways with their investor Quess. The partnership which was started with much fanfare finally ended officially according to one of the member of East Bengal club management.
According to the official from East Bengal, “Yes, we have parted ways. The relationship was not bearing any results for the club. We are just waiting for the official paperwork to be completed”.
In an interview to Telegraph, one of the official from Quess also confirmed the news.
“We have no intention to drag it. The rights of the football team would be transferred to East Bengal as early as possible. The two parties are working on it and we are confident there will not be any problem. We will ensure that Quess has no liability on that front,”
In July 2018, the Bangalore-based Quess Corp Ltd signed an agreement with East Bengal club as an investor. For the purpose a SPV for formed by the name of Quess East Bengal FC Pvt. Ltd (QEBFC) and all the commercials rights of the club were parked in this entity. Quess acquired 70 per cent stakes in the SPV and the rest was vested in the management of the club namely Dr. Pranab Dasgupta (10%), Debabrata Sarkar (10%), Kalyan Majumdar (5%) and Saikat Ganguly (5%).
The relationship right from the start has been rocky and could never prosper. East Bengal finished runners-up in the 2018-19 I-League, but their performance dipped in the 2019-2020 season. One of the functionary of the club on condition of anonymity told InsideSport that Quess never fulfilled their promises.
“We were given dreams about big plans but Quess never delivered. Rather they started interfering in day to day running of the club operations instead of putting their energies on building commercial values for the club”, said official from East Bengal.
“We had applied the force majeure in the last week of April on the players contract. Most of the players have agreed to the termination of contracts. Yes, there are a few players who still have not sent us the mutual termination agreement, but I am confident they would soon,” said one of the official from the Quess side to Telegraph.
Three foreigners — midfielder Kassim Aidara (France), defender Johnny Acosta (Costa Rica) and a member of the support staff, Spaniard Carlos Nodar — are still in Calcutta. Some of the Indian players still stay unpaid for their last tranche this season.
The arch-rivals Mohan Began has already entered the Indian Super League now considered as top league of the country. East Bengal also is looking to do the same. But in the current situation at least for now all those dreams stay on hold.