The executive committee of East Bengal Club has officially announced the transfer of a majority share (76 per cent) and sporting rights of the club to Shree Cement East Bengal Foundation.
The announcement was made at the Extraordinary General Meeting convened on Tuesday. The Shree Cement East Bengal Foundation Limited is the newly formed joint venture between the club and their investors Shree Cement Limited.
The club has also transferred all its assets and properties including their intellectual property to the new company.
The amendments to the club laws, which was approved by the general members of the club, effectively mean that henceforth, East Bengal will be run by the newly formed company and its board members.
A senior club official and executive committee member suggested that the Red and Golds are likely to play as East Bengal FC in the upcoming season of the Indian Super League (ISL). A final decision, though, is yet to be made regarding the name.
Football Sports Development Limited (FSDL) officially announced the inclusion of the Kolkata giants into the ISL earlier this week, much to the delight of the Red and Golds faithful. The move also meant that ISL will organize the famous Kolkata derby from next season onwards.
FSDL chairperson Nita Ambani welcomed the inclusion of East Bengal and said, “It is such a happy and proud moment for ISL as we welcome East Bengal FC and their millions of fans into the League. The inclusion of both legacy clubs, i.e. East Bengal and Mohun Bagan (now ATK Mohun Bagan) opens limitless possibilities for Indian football, especially for talent development in the state.
East Bengal has become the 11th team to participate in the ISL which started off as an eight-team competition back in 2014. Bengaluru FC and Jamshedpur FC joined in 2017 to take the tally up to 10.