East Bengal has finally terminated their contract with Quess Corp Pvt Ltd and received the No Objection Certificate (NOC) which will allow them to rope in investors. With the termination, the sporting rights are now entirely with East Bengal and will allow the club to complete licensing formalities.
East Bengal parted ways with Quess Corp Pvt Ltd earlier this year by mutual consent, but the sporting rights were still with the former entity - Quess East Bengal FC. The red and gold brigade was in a desperate need to get back the sporting rights, without which they could have been unable to field a team in domestic competitions. After much speculation, the club finally received the No Objection Certificate (NOC) from its previous investors and successfully terminated the contract.
In a letter addressed to the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), Quess announced its decision to end its affairs with East Bengal, thus completing all formalities of the termination.
“Please note that the Board of Directors has considered, approved and noted execution of termination of the Share Subscription and Shareholder’s Agreement (“Agreement”) dated July 5, 2018, executed between Quess East Bengal FC Private Limited (“QEBFC”), East Bengal Club (“Club”) and the Company,” read the letter.
With the sporting rights back, East Bengal can now rope in investors to gain entry into the Indian Super League from the I-League, which has been aiming for the past few months. On the other hand, the Kolkata outfits can now complete its club licensing formalities by clarifying its ownership status with the All India Football Federation to be able to play in the AIFF accredited tournaments.