East Bengal rope in Emami Group as new investors
Putting an end to months of speculation, East Bengal finally roped in new investors in the form of Indian conglomerate Emami Group, West Bengal CM Mamata Banerjee announced in a press conference on Wednesday.
After former investor Shree Cement pulled out of the agreement in April, club officials have been on the search for new investors. In the presence of the West Bengal CM, the Red and Gold Brigade seemed to have finally closed that chapter as she revealed that the two parties had come to an agreement.
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Banerjee also stressed that the collaboration between the two will allow the Red and Gold Brigade to succeed in the Indian Super League next season.
"I made a small request to the Emami Group if they could help East Bengal since they are a Kolkata-based company and have never left Bengal. East Bengal Club has a strong brand value. The two parties will meet later and sort out the details."
Meanwhile, club official Debabrata Sarkar, who was also present at the press conference, underlined that the two parties will now work together to improve East Bengal's performances on the pitch. Sarkar said:
"I thank the Emami Group and we have decided to walk together in the future. We hope to improve the club's performance and make all football fans happy."
The Kolkata giants will definitely need some work on and off the pitch after two consecutive disastrous seasons in the ISL. The Hari Mohan Bangur-owned cement conglomerate bought a 76 percent stake in the Red and Gold Brigade in 2020. A joint venture called Shree Cement East Bengal Foundation was formed.
However, in their first year in the ISL, the team finished a lowly ninth even after recruiting star coach Robbie Fowler. The following season, the club parted ways with the Liverpool legend and roped in Manolo Diaz as their new gaffer.
Matters only got worse as the club chose to part ways with the Spaniard mid-season, and ended the campaign playing under three different coaches. The Torchbearers finished bottom of the table with just one win from 20 matches - including 11 defeats and eight draws.
Hence, club officials, and more importantly, fans will be hoping for the Red and Gold Bridge to turn things around in the upcoming season.
Meanwhile, on behalf of the Emami Group, Aditya Agarwal concluded:
"We thank the Chief Minister for offering us a chance to be associated with such a top club. Emami has been associated with East Bengal and football since the 1990s and now we are getting a second chance. We hope that we will be able to meet the expectations."