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Kolkata (West Bengal) [India], June 2 : The ongoing tussle between Indian football club East Bengal and their investor Shree Cement took another turn on Tuesday night when the social media handles of the team announced that all social media activities are suspended until further notice. The official twitter handle read: NOTICE All social media activities are hereby suspended until further notice. Thank you #Torchbearers for all your love and support. #WeAreOne." This after the club's executive committee members refused to sign the final agreement of the joint venture between the two parties. As per a goal.com report, the executive committee of the club met on Tuesday evening and discussed at length the differences between the initial term sheet which was signed and the final agreement as claimed by the club officials. East Bengal's football secretary Saikat Ganguly, in a statement, said: "We had our executive committee meeting today. We discussed in detail all the points and differences which exist between the term sheet and the definitive document with Shree Cement. All the executive committee members were aware of all these points, yet we discussed them at length. "Every member of the committee has agreed that they will not sign the definitive document in its current form. Also, the committee has decided that if they are forced to sign this document under any kind of pressure then everyone is ready to resign. "Our club general secretary has also agreed with the decision of the executive committee and he has conveyed the decision to the club president. Even the president has informed that nobody has to sign anything at the moment. As the president, he is monitoring the issue and he will hold necessary discussions. But he has honoured the general sentiment of the executive committee," stated Ganguly. After Shree Cement's arrival, a term sheet was signed by both parties in September 2020 in the presence of West Bengal Chief Minister Mamata Banerjee. Based on the term sheet, the club's sporting rights as well all its assets and properties (including intellectual) were reportedly transferred to the newly formed joint venture between the two parties. Even though the term sheet has been signed, a final binding agreement of the deal is yet to signed by the officials despite multiple reminders. While the club officials feel some points in the final agreement are different from the term sheet that the parties had signed, Shree Cement has made it clear that any meeting will take place only post the signing.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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The ongoing tussle between Indian football club East Bengal and their investor Shree Cement took another turn on Tuesday night when the social media handles of the team announced that all social media activities are suspended until further notice. ...