East Bengal investors are expecting a quick response from the club officials…
Indian Super League (ISL) club East Bengal’s investors Shree Cement has sent out an ultimatum to the club officials regarding their signature on the final agreement between the two parties, sources have revealed to Goal.
The company has sent a letter to the club officials and has attached the term sheet based on which the final agreement has been drafted. This is set to be the final intimation from the investor’s side.
Shree Cement is keen to know whether club will sign the final agreement or not and another negative response is likely to trigger the end of the company’s association with the Kolkata-based club.
It has also been learnt that no deadline has been set for a response but the investors want the officials to respond as soon as possible.
The East Bengal club officials had earlier claimed that a few clauses in the final agreement differ from the term sheet that was signed in September. But Shree Cement has refuted their claims.
In September, the officials signed the final definitive documents and term sheet with their investors Shree Cement Limited which transferred the club’s sporting rights as well all its assets and properties (including intellectual) to the newly formed company Shree Cement East Bengal Foundation – a Joint Venture between the two parties.
In the new entity, 76 per cent share is owned by the investors while East Bengal owns the remaining 24 per cent.
SC East Bengal, which debuted in the 2020-21 season of ISL, finished in the ninth spot above Kerala Blasters and bottom-placed Odisha, under the leadership of head coach Robbie Fowler.