KOLKATA: East Bengal sought to overcome a deepening financial crisis by announcing a new tie-up with the business service provider Quess Corp on Thursday.
The new arrangement comes after the conclusion of the agreement with its long time sponsor Kingfisher, which left the century-approaching club in a financial straitjacket.
The new tie-up is likely to revive East Bengal’s preparations for the new season as the Bangalore-headquartered conglomerate formalised a joint-venture company — Quess East Bengal FC Pvt. Ltd. (QEBFC) — giving a big financial boost to the club.
The new deal gives Quess Group 70% shares in the newly formed company but the club and its investor will have equal number of board members — four each — in the decision making body.
The exact amount of investment and the tenure of the association were not disclosed but the East Bengal club officials were hopeful of a prolonged relationship with its new benefactor.
The new entity may also bid for a place in the ISL but there was no confirmation about the team’s participation in the fancied League.
