Kolkata: The draft contract between Indian Super League (ISL) champions ATK and I League winners Mohun Bagan is already viral on social media. The 16 page draft contract has created quite a ripple in the football fraternity in the city especially among the Mariners. The detailed agreement between Mohun Bagan and ATK can be found on the site of the Ministry of Company Affair, thereby erasing the slightest of doubts about the authenticity of the document. In addition the draft agreement has the digital signatures of the Directors along with their PAN card numbers. It is learnt that the first meeting of the newly formed Board of Directors will meet in next 10-15 days.
Let us now take a look at some of the salient points in the draft agreement between ATK-Mohun Bagan:
1) Football Rights: Even though Mohun Bagan has only 20% stake, there is no financial obligations. All decisions on football rights will be based on the votes of each of the directors on the board. However, shares cannot be transferred to anyone else without the permission of the board members. So even if Srinjoy Bose and Debasish Dutta are the board directors on behalf of Mohun Bagan, they will not be able to hand over the shares to anyone else if they want to. A maximum of ten directors can be on the Board. Kolkata Games and Sports Pvt. Ltd. will have eight representations while for Mohun Bagan will be represented by Srinjoy and Debasish.
2) Mohun Bagan logo: No one can use the traditional Mohun Bagan logo. The branding of the club’s new logo will be in the hands of ‘Kolkata Games and Sports Pvt Ltd’.
3) International standard academy: The draft also highlights the creation of an international standard academy with an objective to improve the standards of grassroots level. Although Mohun Bagan have their own academy running in Durgapur, both parties are thinking of creating an international standard academy. Thoughts are in process to bring coaches and physical trainers from abroad for this academy.
4) Exit Clause: As of now the merger between Mohun Bagan and ATK is a long term arrangement. However, the most significant thing is the exit clause. What happens if one decides to terminate the contract? If anyone wishes to exit from the contract then he can do so by paying the share value agreed upon. For instance if Mohun Bagan wants to withdraw from the deal in the future, they will have to pay 125%. because they have only 20% stake. On the other hand, if ATK wish to withdraw from the agreement, they will have to pay only 75% of the price because they have 70% shares. If any party violates the agreement then the contract will automatically stands void. The time frame discussed by both parties to start working as a separate entity if they wish to come out is two months.