West Bengal chief minister, Mamata Banerjee on Wednesday once again come to the rescue of East Bengal by announcing that Emami Group would be the new investors of the Red and Gold Brigade.
The Red and Golds senior official Debabarata Sarkar, along with representatives from the Emami Group, made the announcement of the tie-up, while also confirming that the club will participate in the upcoming season of the Indian Super League (ISL).
Who are the Emami Group?
The Emami Group was founded in 1974 by Radhe Shyam Agarwal and Radhe Shyam Goenka who started Kemco Chemicals - an Ayurvedic medicine and cosmetic manufacturing unit in Kolkata - with a capital of Rs 20,000.
Agarwal and Goenka revolutionized the use of Ayurveda and started manufacturing cosmetic goods under the brand name Emami.
What is the tie-up/deal between East Bengal and Emami Group?
While Emami Group have been confirmed as new investors, there is still no absolute clarity on the terms of the deal. According to Goal, the contractual agreements are yet to be finalized and that their new investors will only invest and hold a majority stake in the football division of the club.
This is not the first time that Emami Group have been involved with East Bengal as they were the club's title sponsor during the 1996/97 season.