The partnership between East Bengal Club and Shree Cement Limited came to an end on Tuesday as the latter handed over the sporting rights to the club. “It was decided at our meeting on Tuesday morning that we would hand over the sporting rights to the club,” a Shree Cement official told The Telegraph.

The rights, the official added, were handed over on Tuesday evening. “The process to hand over the sporting rights was on for the last few days. “We also held discussions with FSDL (the entity that runs the top flight Indian Super League). We got the clearance on Monday and we did not want to waste any time.

“They did not sign the final agreement and as per the term sheet the association was for two years, so it finally ended,” the official said. Shree Cement Limited had bought a majority stake of 76 per cent in East Bengal to help them enter the ISL in 2020-21.

After coming on board, Shree Cement had promised a long term association with the red-and-gold brigade but trouble started brewing before the second season regarding the term sheet.

Before Shree Cement Limited, East Bengal also had a similar fate with their Bangalore-based investors Quess Corp who too exited after two years in a premature end to their three-year agreement.

Senior East Bengal official Debabrata Sarkar confirmed receiving the sporting rights and said: “We will formally announce the development on Wednesday. “We are hopeful of striking a deal with Bashundhara Group, but nothing has been formalised yet.

“Now we have time in hand and we are hopeful of making a good squad,” he added. SC East Bengal finished at the bottom of the ISL table with 11 points from 20 matches.