East Bengal FC, eight times the Federation Cup and three times the National Football League/I-League winners, are currently experiencing a severe financial problem that has compelled them to turn to crowdsourcing, know about their owner
East Bengal officials issued a public call for crowdfunding last month in an effort to meet a goal of INR 6 crores within a year.
East Bengal FC owner, ownership structure and reason for crowdfunding explained
Former Indian Super League winner Carles Cuadrat had been roped in by East Bengal FC as its new Head Coach on a two-year contract.
Currently, Kolkata-based corporation Emami Group controls 77 per cent of the club’s football division. After Shree Cement ended its relationship with the team last year, they joined as investors. The club executives made an impassioned appeal to their millions of followers to support the team amid the crisis despite Emami’s status as the club’s investor.
The club authorities claim that when it comes to the regular operation of the organisation, they are unable to make ends meet. They also intend to provide their investors with some more funding so they can put together a potent team in time for the 2023–24 season.
How did East Bengal do in the ISL?
The Red and Golds have recently had difficulties both on and off the pitch. The team has never finished higher than ninth place in the league standings since entering the financially robust Indian Super League (ISL).
In the past five years, the club has also had three businesses partner with them as investors. Quess Corp joined in 2018, but after just one season, their relationship with the officials worsened, and in 2020, they dissolved the joint venture. Similar circumstances occurred with Shree Cement, who dissolved the alliance after only two years.
When we examine Mohun Bagan, the bitter rivals of East Bengal, a different image emerges. After securing investment from the Sanjeev Goenka-led RPSG company, they joined East Bengal in the ISL in 2020. ATK FC and Mohun Bagan were initially combined into one team and the past ISL champions, however after three seasons, Goenka deleted the ATK prefix and changed their name to Mohun Bagan Supergiants.
In contrast to East Bengal, Mohun Bagan placed second in 2020, advanced to the playoffs the following year, and won the ISL championship the previous year.