East Bengal will 'not sign final agreement will investors'
East Bengal club management on Friday decided not to sign the final agreement with investor Shree Cement Limited, further deepening the ongoing crisis over transferring of sporting rights.
The decision was taken at an emergent meeting where 24 executive members signed in a statement that could jeopardise their participation in the top-tier Indian Super League.
''We will not sign the agreement where the members will lose their fundamental rights, where the club will be permanently handed over and we will lose the right over ground, logo, tent,'' East Bengal general secretary Kalyan Majumdar said in a statement.
Having acquired a stake of 76 per cent, the cement giants signed a term sheet with the club in September last year as the red-and-gold's sporting rights as well as all its assets and properties (including intellectual) were reportedly transferred to the newly-formed consortium.
But a final binding agreement of the deal is yet to be signed by the club management, leading to the logjam.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)