West Bengal CM Mamata Banerjee to mediate in East Bengal vs Shree Cement deadlock - All you need to know about the saga

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East Bengal and Shree Cement turns to West Bengal Chief Minister as the last resort to solve the ongoing agreement deadlock...

The Chief Minister of West Bengal, Mamata Banerjee, has called upon a meeting with East Bengal officials and their investor Shree Cement on Wednesday at the West Bengal state secretariat building to mediate and solve the ongoing deadlock between the two parties.

On Monday, Shree Cement had sent a letter to the Chief Minister and mentioned that they are unwilling to continue their association with the club as their investor and are reportedly ready to give back the sporting rights to the club.

In turn, addressing the issue, Mamata Banerjee slammed Shree Cement and expressed her displeasure over this sudden turn of events. She has volunteered to mediate between the two parties to find an amicable solution whereby the final agreement is signed which will ensure the Red and Golds continue to participate in the Indian Super League (ISL).

After Quess Corp parted ways with East Bengal in June 2020 after being the club's investor for two seasons, Shree Cement came on board as their new investor which facilitated the club's move to the Indian Super League (ISL). They then proceeded to establish a joint venture named Shree Cement East Bengal Foundation, in which the cement giants held 76 per cent stakes while the club had 24.

After Shree Cement's arrival, a term sheet was signed by both parties in September 2020 in the presence of West Bengal Chief Minister Mamata Banerjee who had played an important role in bringing the company on board as the club's new investor.

Based on the term sheet, the club’s sporting rights as well all its assets and properties (including intellectual) were reportedly transferred to the newly formed joint venture between the two parties. Even though the term sheet was signed, the final binding agreement of the deal is yet to be signed by the officials despite multiple reminders.

Shree Cement had already sent a revised version of the final agreement to the club as well as to the West Bengal Chief Minister on August 16 but the officials did not agree to sign. After multiple reminders, the investors informed the state Chief Minister about their inclination to end the deal on August 23.

Although the company has informed the Chief Minister about their decision, they are yet to send an official letter to the club. Now with Mamata Banerjee deciding to step in and mediate between the two parties, there is a possibility that the issue might be resolved in the coming days.

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