Mohun Bagan to fight it out in court
Mohun Bagan A.C. has had a long standing tie-up with UB Group since 1998 as the Sponsor of the Football Team and formed a company in the name of United Mohun Bagan Football Team Pvt. Ltd.
United Mohun Bagan Football Team Pvt. Ltd. had executed a Sponsorship agreement with United Spirits Limited dated 11th June 2013 for 10 years to provide financial assistance of Rs. 8 crore per year and from there on the sponsorship fund was deposited to our account every month, but since November 2014 the fund was unilaterally stopped by USL without any prior intimation.
Upon our inquiry with USL (East Division) and subsequent followup at their Head office, we came to know that Shareholders did not approve the said deal in their EGM dated November 28, 2014. However, in spite of not receiving any payment, Mohun Bagan continued in their commitment to give proper mileage and visibility to the brand “McDowell” as mentioned in the agreement.
On the other hand, Mohun Bagan have constantly tried to resolve the issue on the basis of our cordial relationship with USL but all our effort was unfruitful.
After hearing the current situation the Executive Committee Members of Mohun Bagan A.C. discussed that there is no other option but to file a liquidation suit against USL and thus recommended the Board of Directors of United Mohun Bagan Football Team Pvt. Ltd. to initiate the same as soon as possible to recover outstanding dues and implementation of the contract executed on 11th June 2013.