It’s not over until the final whistle but going by the action or rather inaction over the weekend the Shree Cement deal with East Bengal is as good as off. East Bengal are unlikely to play in the ISL unless the powers-that-be manage to make both parties arrive at a solution. TOI takes a look at the East Bengal-Shree Cement saga over the deal agreement:
The deal looks impossible now because Shree Cement is ‘fed up’ of the management for the following reasons:
TRUST: Shree Cement feels they can no longer trust EB officials because of the way they dragged the deal for the last 10 months. They feel the relationship has gone sour & there is no value in EB’s words.
RUNNING AGAINST TIME: Even if EB agrees in a day or two, Shree Cement feels they don’t have enough time to have a team. They also need to revoke the transfer ban on EB and complete club licensing too.
GAINING A BAD REPUTATION:
Shree Cement wanted to make a good team which will fight for the ISL title. With EB delaying the deal, it is difficult for them to make a competitive team because most of the players are off the market.
NOT ADHERING TO TERMSHEET:
According to Shree Cement, if EB didn’t agree to the deal in the past 10 months, there is no guarantee they would give their consent in the next 2 days because Shree Cement are not going to change anything in the contract. “EB can’t have the cake and eat it too”, a Shree Cement official put it.
So what is Shree Cement planning to do:
GIVE BACK SPORTING RIGHTS: Shree Cement is willing to give back EB the sporting rights. “We are not against sports or football”, the Shree Cement official says. According to Shree Cement, they will be blocking the club from playing football if they demand back their investments because EB will certainly file a court case and it might drag on. If EB want, they can get an investor on their own and make the ISL cut.
Rs 50 CRORE BAD DEBT: Shree Cement considers Rs 50 crore as bad debt. Shree Cement feels it’s better than investing another 50 crore and then some more when there is no guarantee that EB will remain as a wilful collaborator in the deal.
NO LOCK IN PERIOD: If there is no agreement to the deal, there is no lock in the period of two years. So EB will be free to play as long as Shree Cement gives back the sporting rights to them.
TAKE THE WAY OUT: Shree Cement don’t want to be the uninvited guest. They are willing to pay off their debts of another Rs 5-10 crore and take the exit route. “We came after the CM invited us. We are not here for profit. We were here for the love of football. We never came for this situation and earned a bad name”, the official said.
TAKE THE MONEY ELSEWHERE: Shree Cement feels if they put in another $5-6 million, they can buy stake at some European clubs easily. In fact, the European club will be more than willing to invite them under the current pandemic situation. It could be a more viable option for Shree Cement.
What EB officials are saying:
The legal cell has given EB the advice after going through the contract and it is for EB now to find a solution. EB wants to sit across the table with Shree Cement to find a solution. They feel it will be quite shameful for both parties if they don’t set aside their ego and find a solution. But SC hasn’t responded yet.
Shree Cement says why is EB trying to find an issue when they had agreed to the termsheet. And Shree Cement has made all kinds of adjustments on their part while sending the final agreement. It’s now time for EB to make some compromises and adjustments.
