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What Is Delaying The Shree Cement-East Bengal Deal?

The Shree Cement-East Bengal deal, which was announced with lots of fanfare last September, is yet to get cemented. The final agreement – drafted by law firm Khaitan & Co – has not been ‘signed and sealed’ till now though the deadline for the same was March 15. Sports enthusiasts were hoping West Bengal Chief Minister Mamata Banerjee would intervene to iron out the differences. But that has not happened with the state witnessing one of the most intense Assembly elections in the recent history. Rumours that East Bengal is not eligible to participate in the forthcoming Hero Indian Super League (ISL) matches have got muffled amidst the high-decibel and cut-throat battle in Bengal between Mamata Banerjee’s Trinamool Congress and the Bharatiya Janata Party (BJP). Those closely following the state’s football development claim the rumour is not unfounded. To participate in the ISL, The Club – rechristened as Shree Cement East Bengal Foundation, has to give bank guarantees by April 12, 2021. “If the definitive agreement does not get signed, Shree Cement will not give bank guarantees. And, if the bank guarantees are not given, The Club will not be able to take part in the ISL,” they apprehend, and claimed the deal between the two may fall through. It may be recalled this 101-year-old iconic football club, popularly known as Red & Gold Brigade, got a jolt when its lead investor Quess Corp pulled out from the two-year agreement in July 2020. Being a popular club among the migrants, the Kolkata-based Shree Cement, controlled by the Bangurs, entered the scene picking up 76% stake.

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Editor’s Note: Big Punch In Small Pack

It is the Third Anniversary of Short Post and as a news media startup launched during the Covid-19 pandemic it certainly feels better than good to find ourselves where we are today. Here, I must cite the unstinted support of our seasoned contributors, all senior editors in the country, who brought a great degree of maturity and sagacity to the Short Post newsroom. But for them, our tagline “Authentic Gossip”, an Oxymoron, would not have matured viably. Our user numbers may be small but our stories have created the desired impact among people who matter — decision makers and influencers. We offer a big punch in a small pack and Short Post with its 225-word stories has been punching above its weight category. Having posted close to 3,000 stories in the last 36 months, Short Post, I feel, is an idea whose time has come.
And this is vindicated by our two marquee advertisers – IDFC FIRST Bank and ICICI Lombard. Both believed in our story and have supported us from Day one. A big thank you to both.
If you look at the media landscape – print, TV and digital — it is a mixed bag. There are job losses as some outfits have closed down while a lucky few were bailed out by large corporate houses. Yes, there is a lot of action in the digital space. However, the entry of corporate houses has raised the question of independence of news media outfits. Sadly, there are just a handful of independent media outfits in the country that are highly respected for their neutrality. At Short Post, our credo is not to take sides, prejudge issues or be biased but, informing readers of behind-the-scenes happenings. In essence, Short Post strives to be a neutral editorial platform — neither anti-establishment nor pro-establishment.
As I said last year, disruptions in the media world are moving at a fast and furious pace. Technology is playing a very big role in how content is generated and consumed. But, we are neither alarmed nor perturbed as it is all a part of the evolution process. What gives us comfort is that AI is unable to create original gossipy content. And that is the news arena where we have achieved a distinction.