The euphoria of East Bengal’s entry in the Indian Super League is yet to die but the reports have started coming in that all is not well between the East Bengal and their new investor Shree Cement.
According to a report by The Telegraph, East Bengal and the new investor are currently not on the same page in regard to understanding between them. The report claims that both investor and the club are having heartburn on the agreed terms.
Shree Cement Limited on Sunday said it would not allow any deviation from the term sheet signed by both the parties early last month.
“We will go by the term sheet agreed upon by both the parties and any change will not be welcome by us” Srenik Sett, advisor to the investor, told The Telegraph.
The impasse between the two has reached such a stage that investors have decided to apprise the Football Sports Development Limited (FSDL), the company that runs and promotes the Indian Super League.
“We have also informed FSDL, which runs the Indian Super League. They have also been apprised of the situation,” advisors to the Shree Cement were quoted by the publication.
According to the term sheet, East Bengal would transfer the sporting rights as well all its assets and properties (including intellectual) to the newly-formed company Shree Cement East Bengal Foundation.
However, during the extraordinary general body meeting of East Bengal, some club members voiced their reservations over certain terms and conditions of the understanding with Shree Cement. According to the reports, the term sheet between the parties was signed earlier, but the issue between the two parties still remain.
ISL 2020 : East Bengal is set to play ISL 2020, but neither squad has been announced nor the coach
East Bengal were officially announced as ISL’s 11th team on 27th Sep by Nita Ambani. The ISL 2020 is slated for the month of November but the new investor hasn’t announced the squad as well as the name of the coach. That’s because the term-sheet impasse has put everything on hold.
It is worth mentioning that this is not the first time that the East Bengal club officials are having difficult time in complying with the understanding with their investors. The club faced the same issue with there earlier investors Quess which finally resulted in investors pulling out of the relationship.