After a lot of dilly-dallying, East Bengal finally got back their sporting rights in football-related affairs back on Friday from Quess Corp, their majority investors since 2018. The termination agreement, which is in possession of IANS, has been sent to the All India Football Federation, sources said.
With the termination of the contract, the company also decided to acquire the remaining 30 per cent stake in QEBFC and in return gave back the sporting rights to East Bengal.
"We are pleased to inform that the JV agreement closure has taken place between Quess Corp and EBC on mutually agreed terms. The formalities pertaining to termination of the JV agreement between Quess, QEBFC and EBC was concluded on 17 July 2020. Consequent to this the sporting rights have been returned to the Club and the shares held by the Club in QEBFC have been returned to Quess," Ajit Isaac, Chairman and MD-Quess Corp Limited said in a statement.
"Upholding the future of the game as well as its supporters has been our sole intent from the very beginning and we are glad that the we have been able to resolve all points of discussion in good faith. We believe that the club has fantastic potential and we leave with good memories of the diehard supporters, its talented players and its many sporting victories which we still cherish. We wish the club only the best as we move forward," he added.
East Bengal officials had on Thursday met chief minister Mamata Banerjee at Nabanna to discuss about the club’s new investors.
On Thursday, East Bengal were handed a lifeline by AIFF as the governing body of football in the country decided to extend the I-League outfit's deadline on the Club Licensing process by seven days.
The Club Licensing administration of AIFF, on July 14, distributed the Club Licensing Application Pack (CLAP) to all the clubs who are eligible to undergo the Indian Club Licensing process for the 2020-21 season.
Clubs will have to confirm their intention to undergo the Indian Club Licensing process for the 2020-21 season by submitting the signed copy of the Club Licensing Agreement on or before July 24, 2020, an AIFF statement said. But an exception had been made for East Bengal.
East Bengal and Quess parted ways on May 31, but the sporting rights remained with Quess East Bengal Football Club Pvt Ltd, which had 70 per cent stake.