“There is no need to reach a final agreement to build the team”-As the Shree Cement deadlock continued, Debabrata Sarkar of East Bengal responded

East Bengal Club officials have responded to investor Shree Cement on Tuesday, saying that the final agreement has been signed between the club and investors, and this issue has been delayed for a long time.

The club’s senior heritage officer, Debabrata Sarkar, mentioned that the President of East Bengal, Dr. Pranab Dasgupta, has personally written to the Director General of Shree Cement Limited. Manager Hari Mohan Bangur (Hari Mohan Bangur), and asked for the appointment of a private meeting to resolve the deadlock between the two parties.

What did Debabrata Sarkar say?

“We have sent a response on October 17, 2020. I did not communicate it to senior management. In that letter, we pointed out the difference between the terms and the final agreement. In today’s letter, we have Please attach the previous response so as not to raise any questions.

“The club chairman wrote to Hari Mohan Bangur personally. He was surprised by media reports that East Bengal will not participate in the ISL 2020-21 season. He was surprised by this. He mentioned that he is ready to accept meeting with HM Bangur at any time.

“There are several media reports claiming that the new management will not form a team for the upcoming season. But we don’t think the management will make such a major decision. They have football rights, and the draft clause does not specify that. : The new management cannot form a team without a final agreement. Last season, the team building process was also carried out in accordance with the terms and conditions. Therefore, we believe that the team building process will take place in due course.” the goal.

It must be noted that Sarkar is quoting Comment by Bangur, Managing Director of Shree Cement, he had previously told the goal If club officials do not sign the final agreement, the club’s preparations may be affected Approval of the transfer of sports rights to Shree Cement East Bengal Foundation (the company now in charge of club operations).

What happened in East Bengal?

After Quess Corp became an investor in the club for two seasons, it parted ways with East Bengal in June 2020. After that, Shree Cement became their new investor, which promoted the club’s migration 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 owns 24%.

After Shree Cement arrived, the two parties signed a terms letter in September 2020. West Bengal Chief Minister Mamata Banerjee attended the meeting and played an important role in making the company a new investor in the club.

According to reports, according to the terms and conditions, the club’s sports rights and all its assets and properties (including intellectuals) have been transferred to a newly established joint venture between the two parties.

Although the terms sheet has been signed, despite repeated reminders, the remaining officials have not yet signed the final binding agreement of the agreement.

Club officials claimed that some points in the final agreement were different from the terms signed by the parties. On the other hand, the new management claimed that there was no difference in the final binding agreement. They also asked officials to show up in public and clarify their views that are different from those mentioned in the glossary.

What happened next?

Although club officials have not confirmed when they will be written on the final agreement and have asked the new management to continue the team building process for the upcoming 2020/21 Indian Premier League (ISL), a source close to the management told the goal Unless a final agreement is signed, no other expenses will be borne.

It remains to be seen whether it is necessary to arrange meetings between the two parties to reach an amicable solution to the continuing impasse.

Further reading

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

Bangor is dissatisfied with the deadlock between clubs and investors

What are the requirements of East Bengal officials?