The Chief Minister of West Bengal was unhappy with Shree Cement’s decision to end the joint venture with East Bengal at the last moment…The honourable Chief Minister of West Bengal, Mamata Banerjee on Monday, expressed her displeasure over Shree Cement’s decision to end the joint-venture with East Bengal at the las moment.
The Chief Minister acknowledged that she has received a letter from Shree Cement where the investors have expressed their decision to end their association with Indian Super League (ISL) club East Bengal.
Despite expressing her displeasure over the decision, she once again assured that she will to sort things between the two parties so that a club like East Bengal can play in the country’s top-tier league which is the ISL. Editors’ Picks
What did Mamata Banerjee say on Shree Cement vs East Bengal issue?”I am no one to take any decision on East Bengal. The authorities who were there earlier has sent me a letter to inform me that they will not be able to continue with East Bengal at this very last moment. This is bad attitude. They kept the club waiting for so many months and now at the last moment they are saying they cannot do anything. We are all unhappy with this situation.
“They even met me on August 16 and told me that everything will be sorted. So suddenly what happened, that things changed? What is the mystery behind it? 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. Time is very short, let’s see.”
What is the latest between East Bengal and Shree Cement?After Quess Corp parted ways with East Bengal in June 2020 after being the club’s investor for two seasons, Shree Cement came on board as their new investor which facilitated the club’s move to the Indian Super League (ISL). They then proceeded to establish a joint venture named Shree Cement East Bengal Foundation, in which the cement giants held 76 per cent stakes while the club had 24.
After Shree Cement’s arrival, a term sheet was signed by both parties in September 2020 in the presence of West Bengal Chief Minister Mamata Banerjee who had played an important role in bringing the company on board as the club’s new investor.
Based on the term sheet, the club’s sporting rights as well all its assets and properties (including intellectual) were reportedly transferred to the newly formed joint venture between the two parties. Even though the term sheet was signed, the final binding agreement of the deal is yet to be signed by the officials despite multiple reminders.
Shree Cement had already sent a revised version of the final agreement to the club as well as to the West Bengal Chief Minister on August 16 but the officials did not agree to sign. After multiple reminders, the investors have now decided to end the joint-venture with the club and accordingly they informed the state Chief Minister about their decision