But things changed drastically this season and Quess has now decided to move out of their deal with the century-oldclub, reportedly due to financial losses. Quess Corp chairman Ajit Isaac is one of the many to have exited India's billionaire promoters' club recently, alongside Anil Ambani, Yes Bank's Rana Kapoor etc.
At a conference call conducted by IIFL Capital Limited, Quess Chairman Ajit Isaac revealed that the initial agreement with the club was that of three years. He also suggested that his company is likely to exit from the investment soon.
In the transcript obtained by Yahoo Finance, Ajit Isaac mentions, “When we invested in East Bengal Club, we had a three-year investment horizon there, so this is the second year. We already started talking to our other relevant stakeholders to monetize this asset. We have also been talking to a few possible investors. So it will take some time. We are confident that by the end of this season, we will most probably not be there in that club.
“So by the next two to three quarters, I think we’ll be out of this arrangement. But what this year we have been trying to do is to increase our sponsorship income. Initially last year we didn't have much time (as it was the first year). We already signed three sponsorships this year. So our idea for the current year is to content our loss year and make it as minimum as possible. And at the same time look for an exit from this investment.”
Some news reports have been published about the continuity of our relationship with EBFC about which more clarity will emerge. In the meanwhile, we want to wish the club, its members, former players and the huge legion of loyal supporters our best wishes for the centenerary celebrations.
@goalkeepar ; His observation was about an earlier eastbengalpride comment which got removed.
@goalkeepar ; @EastBengalPride No point in writing anything which gets deleted. This is not a place to take personal potshots or malign any community / group. Thanks !!
East Bengal needs to play in top tier. If Quess can't afford it, it's better for them to step away. East Bengal doesn't have billionaire mafias like a MB or Churchill Brothers as owners. If we don't play in top tier, we wouldn't even get sponsors. The fight against FSDL and AIFF is a useless one! One needs to choose their battles in a war and this isn't one clubs can win. Quess did a lot of good work and I am extremely disappointed that they are going away, and the Nitu Kalyan nexus will be back. However if Quess is going to make us play in second division, we need to find bigger investors who will help pay ISL bill.
And all this talks about professionalism (or lack of it) in EB MB, how did the "professionally" managed clubs are faring? 1) Pune FC - Shut 2) BFC - Bribery case being probed against them for illegal usage of stadium. Doesnt have a backup plan to stay in Bengaluru's vicinity. Whatever happened to contingency planning in a "corporate" setup? 3) FCPC - Getting shut. 4) Delhi Dynamoes - Getting shut. 5) NEUFC - Bankrupt.
Quess wanted to run a football club without having any experience to do so! They made a guy CEO (QEBFC) who has no proven problem solving skills when it comes to conflict management. The guy was a Chartered Accountant for FFS and a thorough corporate honcho. Expecting him to manage a football club is a joke!
Last but not the least, I hope somehow the fans will force the evil duo to be expelled from the club, Nitu and Kalyan.
East Bengal is synonymous to fight, survive and thrive. We did it for a 100 years and will it once more. Thank you Quess, you did what you could and you did win our hearts.
Therefore the answer lies in your above statement itself @EastBengalPride
With so many ISL clubs bleeding/going bankrupt,do u think any investor would be dud enuf to follow the footsteps of the above clubs & invest on a loss making venture! ? Simply put it - If u were Issac,would u continue to pump in money to play a franchise league, with no returns even after 6 years? Why would u?
Instead,u would have raised your voice against this whimsical theory of "paisa pheko, par mazaa nahi bhi dekh sakte ho" kinda of league and hence u would have either said a)scrap/reduce 15 cr participation fees; b)revisit the strategy & make a viable business model - which is what Issac has been doing and rightly so.
Issac never wanted to back out & was doing the right thing of putting pressure on AIFF - which only few clubs can do. Also this was just the ideal time for Nitu & Co. to keep shut, since FIFA has also seeked clarity from AIFF on the way forward & AIFF certainly on the backfoot. However, Nitu again put the wrong foot & the focus has now shifted. Hence u know, what exactly Nitu is upto - playing ISL or getting his share! ?
We can't make Nitu-Kalyan as a benchmark as they are in the business of cut money & not doing business with football, which Issac wanted.
Comments
But things changed drastically this season and Quess has now decided to move out of their deal with the century-old club, reportedly due to financial losses. Quess Corp chairman Ajit Isaac is one of the many to have exited India's billionaire promoters' club recently, alongside Anil Ambani, Yes Bank's Rana Kapoor etc.
At a conference call conducted by IIFL Capital Limited, Quess Chairman Ajit Isaac revealed that the initial agreement with the club was that of three years. He also suggested that his company is likely to exit from the investment soon.
In the transcript obtained by Yahoo Finance, Ajit Isaac mentions, “When we invested in East Bengal Club, we had a three-year investment horizon there, so this is the second year. We already started talking to our other relevant stakeholders to monetize this asset. We have also been talking to a few possible investors. So it will take some time. We are confident that by the end of this season, we will most probably not be there in that club.
“So by the next two to three quarters, I think we’ll be out of this arrangement. But what this year we have been trying to do is to increase our sponsorship income. Initially last year we didn't have much time (as it was the first year). We already signed three sponsorships this year. So our idea for the current year is to content our loss year and make it as minimum as possible. And at the same time look for an exit from this investment.”
Some news reports have been published about the continuity of our relationship with EBFC about which more clarity will emerge. In the meanwhile, we want to wish the club, its members, former players and the huge legion of loyal supporters our best wishes for the centenerary celebrations.
Regards
Ajit Isaac
https://www.facebook.com/QuessEastBengalOfficial/
None of thus have that right. A little ad vocation towards decent behavior should be there. You are making a joke on yourself bro
The fight against FSDL and AIFF is a useless one! One needs to choose their battles in a war and this isn't one clubs can win.
Quess did a lot of good work and I am extremely disappointed that they are going away, and the Nitu Kalyan nexus will be back. However if Quess is going to make us play in second division, we need to find bigger investors who will help pay ISL bill.
And all this talks about professionalism (or lack of it) in EB MB, how did the "professionally" managed clubs are faring?
1) Pune FC - Shut
2) BFC - Bribery case being probed against them for illegal usage of stadium. Doesnt have a backup plan to stay in Bengaluru's vicinity. Whatever happened to contingency planning in a "corporate" setup?
3) FCPC - Getting shut.
4) Delhi Dynamoes - Getting shut.
5) NEUFC - Bankrupt.
Quess wanted to run a football club without having any experience to do so! They made a guy CEO (QEBFC) who has no proven problem solving skills when it comes to conflict management. The guy was a Chartered Accountant for FFS and a thorough corporate honcho. Expecting him to manage a football club is a joke!
Last but not the least, I hope somehow the fans will force the evil duo to be expelled from the club, Nitu and Kalyan.
East Bengal is synonymous to fight, survive and thrive. We did it for a 100 years and will it once more. Thank you Quess, you did what you could and you did win our hearts.
With so many ISL clubs bleeding/going bankrupt,do u think any investor would be dud enuf to follow the footsteps of the above clubs & invest on a loss making venture! ? Simply put it - If u were Issac,would u continue to pump in money to play a franchise league, with no returns even after 6 years? Why would u?
Instead,u would have raised your voice against this whimsical theory of "paisa pheko, par mazaa nahi bhi dekh sakte ho" kinda of league and hence u would have either said a)scrap/reduce 15 cr participation fees; b)revisit the strategy & make a viable business model - which is what Issac has been doing and rightly so.
Issac never wanted to back out & was doing the right thing of putting pressure on AIFF - which only few clubs can do. Also this was just the ideal time for Nitu & Co. to keep shut, since FIFA has also seeked clarity from AIFF on the way forward & AIFF certainly on the backfoot. However, Nitu again put the wrong foot & the focus has now shifted. Hence u know, what exactly Nitu is upto - playing ISL or getting his share! ?
We can't make Nitu-Kalyan as a benchmark as they are in the business of cut money & not doing business with football, which Issac wanted.