East Bengal FC will continue in the ISL after roping in Kolkata-based conglomerate Emami Group as their newest investors. The Chief Minister of West Bengal Mamata Banerjee who is heavily involved with football in the state announced the collaboration at a press conference on May 25.
Earlier in April this year, majority stake holders Shree Cement ended their association with East Bengal FC bringing an end to a tumultuous two-season partnership. The dispute rose after East Bengal’s legacy club officials failed to sign off on the final agreement claiming discrepancies between the initial term sheet and the final contract. A similar disagreement broke out between East Bengal FC and their investors prior to Shree Cement – the Quess group.
The last two seasons have been disappointing for the century-old club finishing at the bottom of the table in the recently concluded 2021-22 season and ninth in the 2020-21 edition.
Emami Group is a multinational conglomerate with an annual revenue of 20,000 crores (in 2021). There is still no clarity on the directors, number of directors, share split etc. The details on term sheet and final agreement will be revealed shortly. An article from KhelNow has more information on the deal and the possible board makeup on both sides.