East Bengal ends association with Shree Cement; hunts for new investor before ISL 2022-23
East Bengal has ended its two-year association with Shree Cements. It is now hunting for a new investor before the ISL 2022-23.
East Bengal did not have the best of its run in the Indian Super League (ISL) in the last couple of seasons. Meanwhile, its investor, Shree Cements (SC), has ended its two-year association with the club, handing over the complete sporting right to the club. However, the club is already on the hunt for a new investor before the 2022-23 ISL gets underway later this year.
East Bengal was not eligible to enter the ISL due to its low finances. At the same time, West Bengal chief minister Mamata Banerjee allowed Shree Cements to invest in the club, thus making it eligible to play the ISL from the 2020-21 season. However, the association was premature, as the club's executive committee did not sign the final agreement, with discrepancies in the initial term being claimed.
Meanwhile, confirming the development, SC sent a letter to the club that read, "Shree Cement Limited (SCL) has now decided to terminate its sporting collaboration pursuant to the termination, the club shall transfer its entire shares held in SCEBF (SC East Bengal Foundation) at book value to SCL, and simultaneously SCEBF also agrees to handover all the sporting rights to the club."
In the meantime, East Bengal is looking to have a new investor on board before ISL 2022-23, as it is reportedly in talks with a Bangladesh-based investor Bashundhara Group, reports PTI. The group already owns the Bangladeshi top-tier club Bashundhara Kings. The club recently felicitated Sobhan Anvir (Bashundhara Group managing director).
East Bengal's run in the ISL has been a forgettable one. During the 2020-21 season, it finished in the ninth place under the guidance of Liverpool legend Robbie Fowler, registering nine losses, eight draws and just three wins. The following season was worse, as it finished at the bottom of the table, winning just a match, besides losing 11 and drawing eight.