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. (More Football News)
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.
The meeting was held amid protest by the club supporters outside the tent where they shouted slogans and called for West Bengal chief minister Mamata Banerjee's intervention.
Following the exit of former investor Quess Corp last year, East Bengal made a last minute foray into the ISL after SCL came on board by the intervention of state chief minister Mamata Banerjee.
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.