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Thursday, April 14, 2016

FUND SHORTAGE CRISIS IN HISTORICAL FOOTBALL CLUB

By on Thursday, April 14, 2016




The loan crisis on Vijay Malya has begun to affect on two football clubs in Kolkata; namely "Mohun Bagan and East Bengal".

Both the teams rival in grounds had dealt the funding and sponsorship with the UB group of companies of Malaya. Rhe UB group of companies, later this agreement, achieved shares. If let the issues of licensing leave, everything was going on OK.

The banks are seeking for Mallya to be defaulter in returning the loan.
The UB group is talking about to invest money in IPL and Formula 1 Sports Team, but the football clubs have not been included in this talks. The UB had signed partnership with East Bengal in the year 1998.
According to the club bylaws, the company was formed in 2000 and it was named 'United East Bengal Pvt Ltd'.
Kingfisher Beverage Company had shared the claim; Mallya became the chairman of this company and nominated 5 board of directors. The club was now named 'Kingfisher East Bengal FC'. However the UB has said that the agreement will not be affected because of Mallya's economic crises.

But the condition is not favorable with Mohun Bagan. A private company of Mallya took the 50% stake on club and United Spirit became its title sponsor. When the Mallya's company sold share to Diazziyo, the club is facing the fund crises. Mohun Bagan club is preparing to take action legally in this matter.

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