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Regular-article-logo Friday, 19 July 2024

East Bengal investor firm on term sheet

‘... any change will not be welcome by us’

A Staff Reporter Calcutta Published 05.10.20, 04:17 AM
East Bengal were officially announced as ISL’s 11th team last Sunday, but the new investor hasn’t announced the squad as well as the name of the coach.

East Bengal were officially announced as ISL’s 11th team last Sunday, but the new investor hasn’t announced the squad as well as the name of the coach. File picture

East Bengal’s new investor Shree Cement Limited on Sunday said it would not allow any deviation from the term sheet signed by both the parties early last month.

“We will go by the term sheet agreed upon by both the parties and any change willnot be welcome by us. FSDL, which runs the Indian Super League, has also been apprised of the situation,” Srenik Sett, advisor to the investor, said.

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East Bengal were officially announced as ISL’s 11th team last Sunday, but the new investor hasn’t announced the squad as well as the name of the coach. That’s because the term-sheet impasse has put everything on hold.

ATK Mohun Bagan coach Antonio Lopez at the team resort in Goa on Sunday. Antonio, along with players Tiri, Javi Hernandez and Edu Garcia, and members of the support staff touched down in Goa in the morning from Madrid via Mumbai. They will have to be quarantined for 14 days. ATK MB said in a media release that 19 Indian players, who would be completing their 10-day quarantine, are expected to start practice from Wednesday.

ATK Mohun Bagan coach Antonio Lopez at the team resort in Goa on Sunday. Antonio, along with players Tiri, Javi Hernandez and Edu Garcia, and members of the support staff touched down in Goa in the morning from Madrid via Mumbai. They will have to be quarantined for 14 days. ATK MB said in a media release that 19 Indian players, who would be completing their 10-day quarantine, are expected to start practice from Wednesday. Picture courtesy: ATK MB

According to the term sheet, East Bengal would transfer the sporting rights as well all its assets and properties (including intellectual) to the newly-formed company Shree Cement East Bengal Foundation.

However, last week during the extraordinary general body meeting, some club members voiced their reservations over certain terms and conditions. They didn’t have any issue with the transfer of sporting rights, assets and properties, though.

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