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SC East Bengal fans protests against Shree Cement final agreement

Shree Cement was roped in by the West Bengal based club as investor after Quess Corp parted ways in 2020.

Indian Super League (ISL) side SC East Bengal fans were protesting against the club officials and representatives regarding the Shree Cement agreement which is yet to be signed by both parties. 

The protests were peaceful at the beginning but they turned out to be violent and the police were forced to use sticks or lathi-charge to control the crowd that went out of hands. Red and Golds fans were outside the club’s premises and raised banners and slogans to sign the final agreement.

There was another section of the crowd who were in support of the club officials and urged them not to sign the agreement with the investors Shree Cement. 

Shree Cement was roped in by the West Bengal based club as investor after Quess Corp parted ways in 2020. The Chief Minister of West Bengal Mamata Banerjee played a major part in bringing in the new investor. The club made its entry into the ISL last season. East Bengal and Shree Cement formed Shree Cement East Bengal Foundation where 76% of the stakes were with Shree Cement and the club acquired 24% of them. 

Both the parties signed a term sheet where the club’s sporting rights, assets and properties were conveyed to the newly built foundation but even after penning down the deal on the term sheet, a final binding agreement is yet to be signed that would make this deal official and confirmed. 

According to the club’s official representatives, certain points and arguments on this final agreement are different from what it is on the signed term sheet and that’s the reason why the club are hesitant to finalise this deal.

Santosh Bhattacharya, an East Bengal representative and official revealed that “This was definitely not a good advert for the club. The people who are demanding we sign the agreement do not know the clauses of the final agreement. We cannot bring the final agreement to the public as it violates the understanding of the investors. This attack on the club is heartbreaking.”

Santosh also said that they can’t let the club to go in the hands of a private firm completely and wishes to look into the matter so that it is resolved. 

Shree Cements has also condemned this act and they have also asked East Bengal to send the differences in the final agreement and term sheet in writing. 

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