The Red and Golds have decided to give the majority stake to their new investors Shree Cement Limited to play in the ISL…
East Bengal’s wait for an investor finally ended as Kolkata-based Shree Cement Limited invested in the club by buying close to 80 per cent stake.
With the arrival of new investors, it is all but confirmed that the Kolkata giants will take part in the Indian Super League (ISL) from the 2020-21 season which is the top tier of Indian football.
Shree Cement is one of the largest cement manufacturing company in India founded in Beawar in the Ajmer district of Rajasthan in 1979. It is headquartered in Kolkata.
The Chairman of the group is Kolkata-born entrepreneur B.G. Bangur and the managing director of the company is his elder son H.M. Bangur.
The news of Shree Cement Limited coming on board as the Red and Golds’ investor comes as a huge relief of the club loyalists who had been eagerly waiting for an investor since Quess Corp parted ways with the club in July.
Initially, the East Bengal officials were sceptical about selling a majority stake to an investor especially after all the alleged bad blood with previous investors Quess Corp.
After the ATK and Mohun Bagan merger, East Bengal senior official Debabrata Sarkar had even said that unlike their rivals the Red and Golds will not go for a settlement where the club has to give away all the power to a company.
“I don’t want to speak about other clubs but our members do not want us to sell our club and accept too many conditions. We will only go into a joint venture if the other party respect our club and our members.
“Hopefully, we will be able to get into such an arrangement soon. At the moment we have an investor. Until we get into a settlement with them we are not taking any step,” Sarkar had told Goal in January.
“We would not go for anything less that 50:50,” Sarkar had told The Telegraph.
In reality, though, the club has had to give away the majority stakes to the new investor.