East Bengal is all set to announce Shree Cements as their possible investors and fast track their entry into the Indian Super League this season itself. The red and gold brigade was without a proper investor after parting ways with Bengaluru-based Quess Corp Pvt Ltd earlier this year.
While cross-road rivals were already part of the cash-rich league by virtue of a merger with former Indian Super League outfits ATK, the spotlight was on East Bengal to follow their footsteps. Even though it was already deemed that the red and gold brigade would not be a part of 2020-21 ISL, with the club failing to rope in an investor till now, but the recent flow of events has taken an unexpected turn. As per the latest developments, the century-old is set to rope in Kolkata based company Shree Cements as its new investors.
As per the reports of Bengali daily, ABP, the company will take over 76% of the shares, while East Bengal will own the remaining 24%. Shree Cement Ltd is one of India’s leading cement makers and the third-largest cement brand in the country. The company is partly owned by Benu Gopal Bangur, the 14th richest man in India, according to Forbes, 2019. Even though the final announcement hasn’t been made yet, the club has a deadline of September 4 to finalise the deal and claim their entry into the ISL.
After repeated efforts and failures to rope in investors and gain entry into the ISL, the chief minister of West Bengal, Mamata Banerjee, along with FSDL head Nita Ambani intervened into the matter and accelerated proceedings. The recent developments give East Bengal a realistic chance of playing in the top-tier league, thus giving their passionate fans a sigh of relief, after an anxious wait following the departure of former investors Quess Corp Pvt Ltd.