Shree Cement Limited confirmed on Tuesday that they have officially ended their two-year partnership with SC East Bengal as they returned sporting rights back to the Indian Super League club on Tuesday.
West Bengal CM Mamata Banerjee had a major role to play when Shree Cement bought a majority stage of 76% in the club, thus enabling them to have the financial resources to enter into the 2020-21 season of the Indian Super League.
However, this partnership did not formalise as the East Bengal executive committee chaired by Debabrat Sarkar refused to sign the final agreement as he felt that the final agreement was different from the agreed upon initial term sheet.
As reported by the Indian Express, while speaking about the ending of their partnership with east Bengal, Shree Cement Ltd CEO Shibaji Samaddar told PTI, "Yes, Shree Cement has moved out of East Bengal after two seasons. The process to hand over the sporting rights was on for the last couple of days.
"They did not sign the final agreement and as per the term sheet the association was for two years, so it finally ended," he added.
Hardcore Indian football fans will easily remember how Shree Cement promised a long-term association with the club, but just in the second season, issues with the term sheet agreements started to crop up.
It was just because of Mamata Banerjee that Shree Cement continued with the club for the 2021-22 Indian Super League season, where they finished bottom of the league table.
This comes after East Bengal faced a similar incident with Quess Corp who also ended their association with the club after two years.
The report from Indian Express goes on to add that a top East Bengal official confirmed to them that the club have received their sporting rights back and they would formally announce it on Wednesday.
He added that East Bengal are in “talks with Bangladesh investors Bashundhara Group which owns Bangladeshi top tier club Bashundhara Kings.
Asked about their future in the ISL, the top EB official said: “SCL may have exited but at the moment, we are not thinking beyond ISL… We are very hopeful of striking a deal with Bashundhara Group, but nothing is formalised as yet.”