East Bengal’s Debabrata Sarkar - We were confident about getting back the sporting rights

After the termination of the Joint Venture between East Bengal club and their investors Quess Corp on Friday, a huge cloud of doubt hanging over the Kolkata giants' season has been lifted. 

They have finally obtained the sporting rights back from Quess East Bengal FC (the Joint Venture) and will now apply to the All India Football Federation (AIFF) for club license for the upcoming 2020-21 season.

East Bengal senior official Debabrata Sarkar told Goal that the Red and Golds will apply for the license in the name of a new company East Bengal Club Private Limited.

“We were confident from day one that we will get back the sporting rights and No Objection Certificate (NOC). There were no doubts whatsoever. Club licensing process will start via the new company East Bengal Club Private Limited,” said Sarkar.

Earlier on Friday, Quess Corp had sent a letter addressing to the Department of Corporate Services of the National Stock Exchange of India Limited where they stated, “Please note that the Board of Directors has considered, approved and noted execution of termination of the Share Subscription and Shareholder’s Agreement (“Agreement”) dated July 5, 2018, executed between Quess East Bengal FC Private Limited (“QEBFC”), East Bengal Club (“Club”) and the Company.”

Quess chairman Ajit Isaac too had confirmed the termination of the agreement between the two parties in a statement and also conveyed his best wishes to the club.

His statement read, “We are pleased to inform that the JV agreement closure has taken place between Quess Corp and EBC on mutually agreed terms. The formalities pertaining to termination of the JV agreement between Quess, QEBFC and EBC was concluded on 17 July 2020. Consequent to this the sporting rights have been returned to the Club and the shares held by the Club in QEBFC have been returned to Quess.

“Upholding the future of the game as well as its supporters have been our sole intent from the very beginning and we are glad that we have been able to resolve all points of discussion in good faith. We believe that the club has fantastic potential and we leave with good memories of the diehard supporters, its talented players and its many sporting victories which we still cherish. We wish the club only the best as we move forward.”