East Bengal investors: Still toying with ideas for new name

The Red and Gold’s entry into the Indian Super League is coming closer to fruition.

A few days ago, in a landmark announcement, West Bengal CM Mamata Banerjee announced the investment of Shree Cement -- one of India’s leading cement providers, in East Bengal, thereby boosting chances of the club gaining entry into the Indian Super League.

Since the announcement, the investors have set up a new entity, known as Shree Cement Foundation, following which the process of East Bengal joining the ISL has kick-started. The entity will be picking up and submitting the necessary documents for one franchise spot in the upcoming season of the league.

It’s been reported that the new company has been registered as based in Jaipur, with the Ministry of Corporate Affairs. Sanjay Mehta and Prakash Narayan Chhangani are set to be the directors. The board will eventually have a total of eight directors from Shree Cement, who are the majority stakeholders (76%) in the club and two directors from East Bengal.

Speaking on the occasion, advisor to Shree Cement, Srenik Sett said, “We should make it (to the ISL). After all, the entire process is being done for this only.”

He also spoke with regard to the new name of the club, which is a possibility due to the investors coming in. In this context, he said, “It cannot be Shree East Bengal as per FIFA rules. It has to be something else. We are toying with ideas. It’s still in process,” he continued.

Sett, who is also set to be one of the directors of the new entity, further shed light on the company and it’s formation. “It was just a formality to register the company giving names of two directors. The company is in the process of formation. Once it is formed, we will submit the bid documents by September 14.

“FSDL has to register the team first, then only we will be able to play ISL. Unless that process is over, everything else is useless. Once, all the due diligence is done and FSDL confirms the team, we will announce the board,” he further explained.

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Sett clarified that the board will definitely have at least two “fixed members” from East Bengal. “East Bengal has a role to play here. They will be there on the board. Everything the new management will decide keeping in the best interest of the team. As of now, there is no hiccup. We are very hopeful (of playing in the ISL)."

East Bengal fans are certainly looking towards a very crucial couple of weeks, as the coming days will confirm whether their longstanding wish of playing in the ISL becomes reality or not. Every person in and around the club will be hoping the registration goes smoothly and the iconic club joins their local rivals ATK Mohun Bagan in the premier football league of the country.