East Bengal on Friday got the sporting rights from their former investors Quess Corp, boosting their bid to make a foray into the top-tier Indian Super League.
The development has cleared the decks for the century-old club to find a new sponsor. They will now be able to complete the club licensing formalities which will make them eligible to play in either ISL or I-League.
"We have got the sporting rights. The termination is over now and we have got it today,” East Bengal’s top official Debabrata Sarkar told PTI.
Sarkar, however, did not comment on their potential new investor amid reports that the club is at an "advanced stage deal" with Singapore-based Universal Success Enterprises Limited owned by Kolkata-born NRI Prasoon Mukherjee. Quess Corp Limited has also issued a statement.
"We are pleased to inform that the JV agreement closure has taken place between Quess Corp and EBC on mutually agreed terms," company chairman and managing director Ajit Isaac said in the statement.
"The formalities pertaining to termination of the JV agreement between Quess, QEBFC and EBC was concluded on 17 July 2020. Consequent to this the sporting rights have been returned to the Club and the shares held by the Club in QEBFC have been returned to Quess" he added.
West Bengal Chief Minister Mamata Banerjee had expressed her keenness for the red and gold to enter the ISL and the state government is helping them in roping in an investor.
Mohun Bagan have already joined the ISL after forming a new entity with three-time champions ATK.
The Bengaluru-based Quess Corp had a 70 per cent stake in East Bengal for a tenure of three years but they exited one year in advance after their relation soured with the club officials.