The director of Emami Group, Aditya Agarwal has confirmed that the multinational conglomerate are yet to sign a contract with Indian footballing giants, East Bengal which would see them own a majority stake in the century-old club.
West Bengal chief minister, Mamata Banerjee had recently announced he tie-up at her office in Nabanna in the presence of East Bengal senior official Debabarata Sarkar and representatives from the Emami Group - but as per Agarwal nothin is set in stone as of now.
"Both sides have agreed and the problem of East Bengal playing in the Indian Super League will be solved. The agreement hasn't been signed yet. The negotiations are still on. Everything will be clear by early next week,” Agarwal told PTI.
“Yes the discussions are about stake-holding pattern and other details. We are yet to sign the deal and if there are any differences the deal can get cancelled also. I don't want to be speculative, we are 100 per cent positive. Everything will be clear in a week's time," he added.
According to reports, Emami wants 80 per cent stake in the club with legal departments of both parties currently negotiating to finalise the draft before it is signed.
The club had previously entered into a partnership with Shree Cement Ltd in September 2020, but that ended prematurely after they decided to pull-out their investment after EB's executive committee refused to sign the final agreement.