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Ajit Isaac: Quess will exit East Bengal by the end of the season

15:17 EAT 29/07/2019
Ajit Isaac Subrata Nag Quess East Bengal
Quess Corp have already finalised an exit strategy from East Bengal club...

Bengaluru-based multinational company Quess Corp is all set to break their ties as investors with Kolkata football giants East Bengal.

Quess had entered into a contract with East Bengal last season as their investor who would primarily take charge of the football team. Quess reserved a seventy per cent stake in the newly-formed entity named Quess East Bengal Football Club (QEBFC) Pvt. Ltd.

The company ran the football team last season by making a considerable amount of investments which saw them bringing in quality foreign players and coaching staff.

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.”

Meanwhile, Isaac came out with an official statement through a social media page of Quess East Bengal FC. 

All indications lead to a scenario where it is only a matter of time before Quess pulls the plug on their partnership with East Bengal club.