KOLKATA: East Bengal on Thursday announced a new investor and a new entity, hoping to end their financial woes and boosting hopes of playing in the Indian Super League.

The club, which will turn 100 in two years' time, inked a deal with Bengaluru-based Quess Corporation Ltd to form a new joint venture company (JVC), with both parties having equal share. The deal materialized 39 days after the club's two-decade-old partnership with United Breweries Group ended.

The new company has been named Quess East Bengal Football Club Pvt Ltd and the team will henceforth be known as the QEBFC.

Although financial details have not been disclosed, it was learnt that the new company will invest around Rs 20 crore this season.

"The sporting activities of the club will gather pace towards efforts to join the ISL as well as enhance training facilities and infrastructure required to achieve more trophies," Quess chairman Ajit Isaac told a press conference at a city hotel after signing the deal with East Bengal.

Although the club, backed by the newly-formed JVC, is pondering options of picking up the bid paper for playing in the franchisee-based ISL, their switch from I-League to ISL is unlikely to take place this season. Unlike the I-League, there could be a break in the fifth edition of ISL during the Asian Cup in January. And given that ISL teams will again be asked to take part in the season-ending Super Cup, Football Sports Development Limited - which organizes the ISL - is not keen on increasing the number of participating teams in the meet.

Club secretary Kalyan Majumder , who was named managing director of the JVC, said: "Our association promises to bring a refreshing change in the club. We believe our best is yet to come and we now aim to achieve new landmarks in Indian football."

East Bengal and UB Group parted ways on May 28, two years after the Bengaluru-based company ended their association with Mohun Bagan.

