East Bengal Club found itself in deep crisis on Monday when its investor Shree Cement conveyed its decision to pull the plug on the deal it had entered with the club roughly a year ago.
The decision came on the back of a continuing impasse with the officials of the 101-year-old club, who have put up a fresh list of demands and had been refusing to sign the final contract after giving their consent in the term sheet when the agreement was signed last year.
Shree Cement on Monday conveyed its decision in a letter addressed to the West Bengal Chief Minister Mamata Banerjee, who had been instrumental in getting the cement behemoth to agree in funding East Bengal’s entry into the Indian Super League last year.
Mamata unhappy
The Chief Minister, who in the last few days had been asking both the parties to end their differences and ensure the signing of the final contract, conveyed her “dismay and annoyance” at Shree Cement’s unilateral decision to pull out. She later assured of making an effort from her side to convince the investor to stay back.
“The investor has through a letter conveyed to me that they won’t be able to continue (their deal) with the club. I think it is a bad attitude on their (the investor’s) part as they kept the club waiting for such a long time and then suddenly decided to part ways. I am both sad and displeased with this decision,” Ms. Banerjee said during a media briefing.
“It is sad for a club like East Bengal which has a rich legacy. We will also let them (the investor) know our displeasure. We will try (to resolve the issue) though time is very short,” the Chief Minister said while keeping the option open for a renegotiation.
