Quess Corp Ltd, the business services provider backed by Indian-origin Canadian billionaire Prem Watsa’s Fairfax group, will take control of 98-year-old iconic football club East Bengal.
The company said in a stock-exchange filing on Tuesday that it has formed a joint venture with Kolkata’s East Bengal Club. Quess will hold a 70% stake in Quess East Bengal FC Pvt. Ltd, it said.
The football team from EBC will now participate under the new name of Quess East Bengal FC, the company said.
The joint venture company will have the marketing and commercial rights associated with the sporting activities of the football club.
Quess Corp, led by chairman Ajit Isaac, had said on 5 July that it had signed an initial pact with East Bengal for the venture but hadn’t given any financial details at the time.
On Tuesday, it said that it will pump Rs 10 crore into the joint venture via a combination of equity investment and sponsorship agreement.
Quess chairman Isaac had said on 5 July that the partnership with East Bengal was intended to strengthen the company’s brand awareness as it builds multiple platforms in the services sector.