MOHUN BAGAN HAVE FINALLY taken a decisive step to resolve their long-running financial woes.
Today at a press meet at the club lawn, secretary Anjan Mitra announced a new deal with Streamcast Technologies, a tech company that will become the Mariners' principal sponsors for the next 10 years.
Minutes after the meet, Mohun Bagan Football Secretary Swapan Banerjee said in a television appearance that the deal is worth Rs 200 crore, which amounts to 20 crores per year.
The company has also committed to raising another Rs 150 crore for investment in the club, taking the total amount to potential Rs 350 crore.
In return, 74% shares of the club will go to the Streamcast Group, while the remaining 24% will stay with 4 senior officials of the existing Mohun Bagan hierarchy.
Mr Banerjee also said that the club was looking to enter the Indian Super League at the earliest possible chance,
"We have to play in ISL... we'll know more about the sitation after mid-November. We will enter ISL as early as possible."
The deal comes hot in the heels of Bagan's arch rivals East Bengal signing a mega partnership with Quess Corp, and making a similar commitment to entering ISL.
The Mohun Bagan - Streamcast deal, though announced, has not been signed yet, and the club officials have suggested it will be official only after 9th September.
Streamcast are an IT solutions company known for providing video streaming and other services. It has been in news over the last year for building some large data centres, including one in Malta worth $75 million.
Further details of the deal and its ramifications for the club are still awaited. We will keep you updated as more information flows out of the club.