Dissolution of joint venture: East Bengal and Shree Cements to part ways

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The Indian Super League club East Bengal and their investor Shree Cements conflict seem to be moving towards a mutual dissolution of the joint Venture “SC East Bengal”. The Kolkata giants and their investors Shree Cements are entangled in a controversy over the signing of the final agreement.

The club refused to sign the final agreement, saying that the term sheets signed back in September 2020 are different from the final agreement.

According to News18, the top officials of East Bengal and Shree Cements conducted a meeting in the presence of a mediator. Actions are initiated to end the relationships during the meeting without any legal proceedings. And discussed the reason that stopped the club to sign the final agreement. Shree cements also agreed to return the sporting rights completely to the club.

Recently, several political parties jumped into the matter to push the issue to a resolution. West Bengal BJP president Mr. Dilip Ghosh had contacted the club for the settlement of the final agreement. Furthermore, the leader of the Communist Party of India Mr. Sujan Chakraborty (member of East Bengal) was closely eyeing the development.

Earlier this month, the world governing body FIFA handed a transfer ban to the club. After Johnny Acosta, a former player of the Kolkata-based team filed a complaint about unpaid salaries against the club.

The club is also liable to pay Shree Cements for being a part of the ISL 2020-21 if in case the joint venture dissolves.

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