The management of Shree Cement East Bengal has announced that all social media activity would be suspended till further notice through its social media platforms. Read more about SCEB here.
The decision comes as a result of the ongoing impasse between East Bengal and its investor, Shree Cement Limited, over the signing of the final binding agreement for the joint venture that the two parties were to create.
The Shree Cement administration released a statement on all of the club’s social media sites, which said, “Until further notice, all social media activity are halted. Thank you for all of your love and support, #Torchbearers.”
After Quess Corp left East Bengal in June 2020 after two seasons as the team’s investor, Shree Cement stepped in as the team’s new investor, allowing the club to progress to the Indian Super League (ISL).
They subsequently formed the Shree Cement East Bengal Foundation, a joint venture in which the cement companies owned 76 percent and the team controlled 24 percent.
Following Shree Cement’s entry, both sides signed a term sheet in September 2020, in the presence of West Bengal Chief Minister Mamata Banerjee, who was instrumental in getting the business on board as the club’s new investor.
The club’s sports rights, as well as all of its assets and properties (including intellectual property), were purportedly transferred to the newly created joint venture between the two parties, according to the term sheet.
Despite many reminders, the authorities have yet to sign a formal binding agreement of the contract, even though the term sheet has been signed.
Officials from the club have maintained that several items in the final agreement deviate from the term sheet that the parties signed. The new management, on the other hand, asserts that this is not the case.
Hari Mohan Bangur, the managing director of Shree Cement, has already stated that no meeting with authorities will take place until they put pen to paper.
East Bengal’s football secretary, Saikat Ganguly, said on Tuesday that the club’s executive committee decided at an internal meeting not to sign the final agreement in its current form because they think there are some differences between the term sheet and the final binding contract.