Saikat Ganguly in East Bengal-Executive Committee will not sign final agreement

The stalemate between East Bengal and their investor Shree Cement has never ended, because on Tuesday, members of the club’s executive committee decided not to sign the final agreement for the joint venture between the two parties.

The club’s executive committee met on Tuesday night to discuss in detail the differences between the signed initial terms list and the final agreement claimed by club officials.

East Bengal Football Secretary Sai Kat Ganguly said in a statement that the executive committee unanimously decided not to sign a binding final agreement. If they are forced to do so, the entire committee will resign.

What did Saikat Ganguly say?

“We held an executive committee meeting today. We discussed in detail with Shree Cement all the points and differences between the terms list and the final document. All executive committee members are aware of all these points, but we discussed them in detail.

“Every member of the committee agrees that they will not sign the final document in its current form. In addition, the committee has decided that if they are forced to sign this document under any pressure, then everyone is ready to resign.

“Our club secretary also agreed with the decision of the executive committee, and he has communicated the decision to the club chairman. Even the chairman informed that no one has to sign anything at present. As chairman, he is paying attention to this issue and he will hold the necessary discussions . But he respects the general sentiment of the executive committee,” Ganguly said.

What is happening in East Bengal?

After Quess Corp parted ways with East Bengal in June 2020 after becoming an investor in the club for two seasons, Shree Cement joined as their new investor, which facilitated the club’s transition to the Indian Premier League (ISL).

Then, they set out to establish a joint venture called Shree Cement East Bengal Foundation, in which the cement giant holds 76% of the shares and the club holds 24%.

After Shree Cement joined, the two parties signed a terms sheet in September 2020 witnessed by the Chief Minister of West Bengal, Mamata Banerjee, who played an important role in making the company a new investor in the club.

According to the terms list, it is reported that the club’s sports rights and all its assets and properties (including intellectual property) have been transferred to a newly established joint venture between the two parties.

Although the terms list has been signed, despite repeated reminders, officials have not yet signed a binding final agreement.

Club officials insisted that some points in the final agreement were different from the list of terms signed by both parties. On the other hand, the new management made the opposite request.

Hari Mohan Bangur, manager of Shree Cement, also mentioned in the past that they will not meet with officials until they are implemented.

What did the management of Shree Cement say?

A senior official from the management of Shree Cement East Bengal informed the goal, The management will decide the next step only after receiving an official letter from the club. The senior official further stated that according to the club, only Assistant Secretary-General Rupac Saha has the right to speak on behalf of the club. So Saikat Ganguly’s statement on this matter cannot be taken into consideration.

Further reading

Explanation: What is the term list and final agreement

HM Bangur lost patience due to delay in signing the final agreement

What are the requirements of East Bengal officials?