East Bengal Club’s objectives of continuing in the Indian Super League received a boost with the city-based diversified business conglomerate Emami Group signing an agreement to become the new “investor” for the century-old club, on Tuesday.
The agreement saw the forming of a joint venture company, named Emami East Bengal FC Private Limited. The new arrangement will have Emami Group enjoying 77% of share in the company while East Bengal club will have the remaining 23%.
There will not be any preface added to East Bengal’s name despite Emami being the majority stakeholder. It was also confirmed that East Bengal will take part in every competition including the Indian Super League (ISL) in the upcoming 2022-23 season as ‘East Bengal FC’.
The ratio of the Board Members is set to be three from East Bengal and seven from Emami Group.
Aditya Agarwal one of the group directors announced “pledged to develop the East Bengal club as one of the premium footballing brands in the country,”
