Emami Group are the newest investors in East Bengal FC with a 77% stake in the joint venture between the club and the conglomerate. The agreement was formally signed yesterday, August 2, at a hotel in Kolkata. Emami were previously sponsors of East Bengal FC in the mid-nineties.
East Bengal Club will own the remaining 23% shares and the new resulting entity – Emami East Bengal FC Private Limited will take care of all football-related operations at the club. The board of the new entity will comprise of seven directors from the Kolkata-based conglomerate and three from East Bengal Club.
The name of the team for the upcoming season will be East Bengal FC and the club will be utilise funds provided by Emami Group to build a team for the ISL and other tournaments. Emami are the third major investor in East Bengal FC over the last few years with both Quess and Shree Cement exiting the club under acrimonious circumstances.
The venture seems to favour the club this time around with properties owned by the club excluded from the deal and East Bengal’s other teams in cricket etc. will be managed independently by elected club officials. Additionally, there is no exit clause in the agreement.
EBFC have appointed former Indian National Team head coach Stephen Constantine as their manager and Kerala’s Santosh Trophy winning manager Bino George will be his deputy.
Much alike the last two seasons, East Bengal FC are in a race against time to build a squad in time for the new season with Durand Cup and CFL starting in August and the ISL in October. Their last two seasons in the ISL saw them finish ninth and 11th (11 teams) respectively with the club scrambling to put together a side on both these occasions.
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