Kolkata: The impasse between East Bengal club officials and investor Shree Cement stuck to their points leading to the club’s executive committee refusal to ink the final deal of a venture.
The red-and-gold’s executive committee met on Friday to discuss the matter at length the differences between the initial term sheet signed and the final agreement as claimed by the officials.
Following the meeting, the executive committee informed the decision via a press release. “Under the leadership of the club president (Dr. Pranab Ganguly), the executive committee has decided not to sign the final agreement which will force us to transfer the ownership, club ground, club tent, logo and the name of the club to the investors. The final agreement is insulting to the club members and they curtail the rights of the members,” the release read.
This will endanger East Bengal’s chances of surviving in the top-tier Indian Super League after a devastating debut season in 2020-21.
The officials’ decision to not sign the deal is seen as a pressure tactic by the maidan officials in the know of the development. However, the club supporters are peeved with the officials’ call to scrap the deal and put the future of the century-old club ast stake.