Agreement logjam: East Bengal writes to Shree Cement, ready for 'acceptable resolution'

Shree Cement Limited's MD Bangur had recently expressed his concerns over the club's participation in the upcoming ISL with the club management's delay in signing the final agreement.

SC East Bengal's participation in next season's Indian Super League is doubtful due to the logjam.   -  ISL/SPORTZPICS

Kolkata giants East Bengal club on Tuesday intimated its investor Shree Cement Limited about its readiness for an "acceptable resolution" to settle the impasse over the final agreement which has cast doubts over the club's participation in next year's Indian Super League (ISL).

Shree Cement Limited's managing director Hari Mohan Bangur had recently expressed his concerns over the club's participation in the upcoming ISL with the club management's delay in signing the final agreement.

Bangur had conveyed his apprehensions to one of club's longest serving president Dr Pronab Dasgupta, who represents the formidable Debabrata (Nitu) Sarkar faction.

READ | East Bengal’s ISL journey hits roadblock as differences grow between club and investor

In a letter to SCEB's CEO Col Shivaji Samaddar, the club management stated that they have already communicated the "points of difference" on October 17, while Dr Dasgupta in his personal capacity wrote to Bangur to bring about an "acceptable resolution".

"Although the points of difference between the term sheet and the definite documents were communicated as early as October 17, for the sake of completeness, we invite your attention to the following correspondence exchange in the matter," East Bengal wrote in the mail to Bangur, a copy of which is accessed by PTI.

In an e-mail, the club's vice-president Rupak Saha has listed the nine instances when they communicated to the SCL regarding the final agreement contract signing.

In a separate mail, Dasgupta wrote to Bangur: "Col Samaddar has been in touch with the club and a meeting is in the offing to bring about an acceptable resolution.

"I'm ready to and willing to meet you personally to discuss and do the needful. Please advise a date and time convenient to you," he wrote.

According to a club official, SCL wants "perpetual" rights so that they have the sporting rights over the property, logo, color, name, everything on a permanent basis.

"We are hearing from media reports that there's an uncertainty over team building. We know Bangur is an established industrialist, and chairman of our company. We cannot believe he will act irresponsibly," the official said.

"If there was some confusion over team building, he would have communicated to us officially. Nowhere in the agreement, it's written that team formation would be affected by not signing the final agreement. The executive committee is hopeful that it will be settled amicably. Bangur is a true gentleman and the matter will be resolved amicably," he added.

Following the exit of former investor Quess Corp last year, East Bengal made a last minute foray into the ISL after SCL came on board due to the intervention of state Chief Minister Mamata Banerjee.

Having acquired a 76 per cent stake, the cement giants signed a term sheet with the club in September last year as the Red and Gold's sporting rights as well all its assets and properties (including intellectual) were reportedly transferred to the newly formed consortium.

But a final binding agreement of the deal is yet to be signed by the club management, leading to the logjam.

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