The East Bengal and Shree Cement deadlock seems to be moving towards the path of ‘mutual divorce’. The Kolkata-based club and its investors have been involved in a tussle over the signing of the final agreement. The club had refused to sign the definitive document saying the term sheet signed in September 2020 and the final agreement were different.
However, this is not the first time that the club’s tussle with their investor has come forward. Therefore, the two have now decided to resolve the issue without going through the painstaking legal processes.
On Thursday, top officials of East Bengal and Shree Cement sat down in presence of a mediator. According to sources, an initiative has been taken to end the relationship in an amicable manner without any legal complications. Both sides also discussed the clauses that restricted the club from signing the final agreement.
The sources further said that Shree Cement has agreed to return the sporting rights unconditionally to the club. However, it has to be seen how East Bengal will move in the changed situation after the departure of its current investors.
The club vs investor deadlock had recently seen the participation of political parties, too. In order to push for a resolution, leaders of the Bharatiya Janata Party, the Communist Party of India (Marxist), and others had also jumped in.
West Bengal BJP president Dilip Ghosh had contacted officials of the club to see if a deal could be worked out.
Similarly, CPI(M) leader Sujan Chakraborty, who is also a member of East Bengal, was closely watching the developments.
The situation had become more complex for East Bengal as the Indian Super League (ISL) club, earlier this month, was banned by world football body FIFA from signing players in the upcoming transfer window. The reason for the ban was a complaint by former player Johnny Acosta who revealed that his dues were not cleared by the Kolkata club.