Xtra Time Web Desk: The ongoing tussle between East Bengal club and investor Shree Cement took a new twist with the entire executive committee of the club deciding against signing the final agreement papers. The executive committee which met on Tuesday also decided that if the club is forced to sign the final agreement then the entire executive committee will resign including the club secretary.
According to football secretary of the club, Mr Saikat Ganguly, ” The executive committee members of the club sat down together to discuss in detail the differences in the points laid down on the term sheet and final agreement papers. The executive committee knew about the differences but still it was discussed in the meeting point wise. It was unanimously decided that the club will not sign the definitive documents in its current form. “
He also added, ” If the club is forced to sign the final agreement papers, then the entire executive committee is ready to resign. Our club secretary has his full support of the sentiment of the executive committee members. The club President has been given the responsibility to carry on the talks with the investors.”
Why is East Bengal club not signing the final agreement papers?
The club officials are refusing to sign the final agreement of the joint venture as they allege that certain terms in the final agreement are different from those mentioned in the term sheet. The investors, on the other hand, have maintained throughout that there are no such discrepancies. The term sheet was signed between the two parties back in September 2020 after which Shree Cement was announced as the club’s investor in the presence of West Bengal Chief Minister Mamata Banerjee.
Can East Bengal or Shree Cement walk out of the deal?
Either party can walk out of the deal even after signing the term sheet but there will be legal implications in such circumstances.
What is the future of the East Bengal players?
East Bengal officials have been maintaining that the final agreement is not necessary for the team-building process for the upcoming season. At the same time Shree Cement is justified in not spending any further unless the legal agreement is signed. Unless the club sign the final agreement papers, Shree Cement will not be in a position to sign players. Majority of the East Bengal squad are now free players as their contracts with the club ended on May 31. The players who are still under contract are Mohammed Rafique Ali Sardar, Wahengbam Angousana, Balwant Singh, Loken Meitei, Bikash Jairu, Anil Chawan, Girik Khosla, Novin Gurung and Pritam Singh.