West Bengal Chief Minister Mamata Banerjee has stepped in to the deadlock between the foot club East Bengal and their investor Shree Cement. The CM has called on a meeting on Wednesday with both parties.
While the credit for bringing in Shree Cement as investors to the football club goes to Benerjee, she has been thoroughly involved with the ongoing agreement issue that has emerged in the recent months between the two parties.
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Due to a delay in signing the term agreement as per which the club's sporting rights including the assets and properties will belong to the investors, Shree Cement has decided to break their ties.
Although the club has signed the term sheet, they have been reluctant in signing the final binding of the agreement despite multiple reminders.
Earlier on Monday, Shree Cement informed the Chief Minister of their decision and also assured her to return the sporting rights of the clubs. However, Mamata Banerjee isn't very satisfied with Shree Cement's decision and has decided to now take the matters into her own hands.