Illustrious football club Mohun Bagan is finally close to finding a permanent fix to its financial woes. The Kolkata-based club is close to striking a lucrative sponsorship deal with a renowned global steel company.

The formal announcement of the sponsors and other details are expected to be announced on July 29, which is also celebrated as Mohun Bagan Day.

“We are looking at an amount of Rs 40 crore from the annual sponsorship deal and are willing to give them 60 per cent of our stake,” club secretary Anjan Mitra told Moneycontrol.

Additionally, the club is also planning to incorporate transfer fee from the next fiscal and make it a revenue earning channel.

JSW Group, which already owns ISL team Bengaluru FC, dismissed the possibility of sponsoring the green and maroon brigade while mails sent to Tata Steel and ArcelorMittal did not elicit any response. While Tata Steel also owns a football team in the ISL, ArcelorMittal has a stake in Queens Park Rangers Football Club.

Tough times

After ending its association with UB Group, the oldest football club in the country has found it difficult to attract sponsors and had to rely on monetary support from club president Swapan Sadhan Bose, popularly known as Tutu Bose. His company Ripley was the team's sponsor in the past three seasons after the deal with UB ended. In May, Bose donated Rs 1 crore to clear the club’s dues despite differences between him and Mitra's faction. They are presently locked in a legal battle over functioning of the club.

Pressure built up on the green and maroon brigade officials when arch- rivals East Bengal entered into a lucrative arrangement with Bengaluru- based Quess Corp Ltd.

Fans of the green and maroon brigade were disappointed with the development as there were also talks about East Bengal being in discussion with the All India Football Federation (AIFF) seeking entry into the Indian Super League (ISL) either this year or the season after. However, at the annual general meeting of Mohun Bagan, Bose mentioned that the club’s entry into the ISL is dependent on sponsorship deals. Hence closing in on a sponsor would also be the club’s ticket to ISL in the near future.

“Football is no longer just a sport or entertainment, it is business and Mohun Bagan is learning the tricks of the trade. Anybody who can take the club’s mileage ahead is welcome do business with us,” Mitra added.