Shree Cement decides to acquire Kolkata's iconic football club, East Bengal
East Bengal club has found a new investor in the Bangur-family controlled Shree Cement. The acquisition comes as a shot in the arm for East Bengal which now has a fair chance of entering the famed Indian Super League (ISL) for the 2020-21 season.
Kolkata-headquartered Shree Cement, amongst the country’s largest cement makers with an annual turnover of approximately ₹12,000 crore in FY20, will pick-up a majority stake of 76 per cent in the club.
HM Bangur, Managing Director, Shree Cement, told BusinessLine, comments, “Yes, we have signed papers expressing our intent to acquire the East Bengal Football Club. Other legal formalities will now follow.”
While Bangur did not give an exact timeline of the closure of the deal, he said “East Bengal will play this year’s ISL” and all formalities are “expected to be over by that time”.
Moreover, the investments will be made across the board that include revamping the club operations, if necessary, and in players. The club’s logo and jersey colours - it’s red and yellow pattern - will be retained.
East Bengal’s previous joint venture with Quess Corp ended earlier this year after the latter pulled out. The club has since then been on the look-out for new investors. Subsequently, fan pressure was mounting on the club officials after arch-rivals Mohun Bagan secured its ISL berth.
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