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'I am not sure about East Bengal's future' - Shree Cement's Hari Mohan Bangur displeased with club vs investor deadlock
The Shree Cement managing director has expressed his unhappiness over the negligence of East Bengal officials...
Shree Cement Limited's Managing Director Hari Mohan Bangur has expressed his displeasure over the ongoing deadlock between the company and Kolkata giants East Bengal.
In an interview with TV9 Bangla, Bangur blamed the club officials' negligence in signing the final agreement, which has halted the team-building process of the club before the upcoming season.
What did Hari Mohan Bangur say?
"I am not sure about the future of East Bengal. I don't know how to give hope to the supporters? While we know that the supporters are waiting, we don’t want to make false promises. Today the situation has reached this place due to the negligence of the East Bengal officials. They have been holding the matter for six months by not signing the final agreement. It is a one-minute job, but they are taking so much time. How will that work?"
West Bengal Chief Minister Mamata Banerjee played an active role in bringing Shree Cement as the investors of East Bengal. The term sheet of the agreement between the club and the investors was signed in the secretariat building of the West Bengal Government in the presence of the Chief Minister herself.
The Shree Cement Managing Director, though, does not want to involve the Chief Minister right away as he suggested that there is still time for the officials to complete the procedure.
"At the moment, we don't want to involve Chief Minister Mamata Banerjee. There is still time. The issue can get resolved as soon as the club officials sign the agreement."
What is happening in East Bengal?
On March 24, 2021, Shree Cement had sent out an ultimatum to the club officials regarding their signature on the final agreement between the two parties. They had also attached the term sheet based on which the final agreement was drafted.
The term sheet was signed by both parties in September 2020 on the basis of which the club’s sporting rights as well all its assets and properties (including intellectual) were transferred to the newly formed company Shree Cement East Bengal Foundation - a Joint Venture between the two parties.
The East Bengal club officials, on the other hand, have maintained the stance that a few clauses in the final agreement differ from the term sheet. But the investor continues to refute their claims.
Due to the uncertainty, German midfielder Matti Steinmann has left the club despite having one more year in his contract with the club. Another star player Bright Enobakhare is also unlikely to sign a contract extension with the Red and Golds.
