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They then proceeded to establish a joint venture named Shree Cement East Bengal Foundation, in which the cement giants held 76 per cent stakes while the club had 24. After Shree Cement s arrival, a term sheet was signed by both parties in September 2020 in the presence of West Bengal Chief Minister Mamata Banerjee who had played an important role in bringing the company on board as the club s new investor. On the basis of the term sheet, the club’s sporting rights as well all its assets and properties (including intellectual) were reportedly transferred to the newly formed joint venture between the two parties. ....