East Bengal found itself in crisis on Monday when investor Shree Cement decided to return the sporting rights and part away with the club which was supposed to be a five year deal.
The decision came on the back of a continuing deadlock with the officials. The officials have put up a fresh list of demands and have been refusing to sign the final contract after giving their consent in the term sheet when the agreement was signed last year.
Shree Cement conveyed its decision in a letter addressed to the West Bengal Chief Minister Mamata Banerjee. Smt. Banerjee had been instrumental in getting Shree Cement to fund East Bengal’s entry into the Indian Super League in 2020. Smt. Banerjee, who had been asking both the parties to end their differences and ensure the signing of the final contract, conveyed her disappointment at Shree Cement’s decision to pull out of the contract. She later said that she would make an effort to convince the investor to stay back.
The East Bengal club officials held an emergency meeting after hearing the news. However, they later announced that the deal was still on as the club had not received any termination letter from Shree Cement.
