End to Mohun Bagan's financial woes? Green and maroon brigade lines up Rs 200-crore sponsorship deal with Streamcast

Mohun Bagan fans Mariners have a reason to rejoice as their century-old I-League club has lined up a Rs 200-crore sponsorship deal with US-based Streamcast Group. The pact paves the way for the club to bid for a place in the glamorous Indian Super League.

According to the deal, Mohun Bagan will receive Rs 200 crore over a period of 10 years from Streamcast. The deal comes on the heels of East Bengal, Mohun Bagan's archrival, entered into a lucrative arrangement with Bengaluru-based Quess Corp.

“We would be getting funding to the tune of Rs 20 crore annually, and additionally, the company has also committed to raise another Rs 150 crore as investments in the club. So, we are looking at an investment of approximately Rs 350 crore over the next 10 years,” Mobun Bagan club secretary Anjan Mitra told Moneycontrol.

Mitra had earlier told Moneycontrol that the club was looking at Rs 40 crore as annual sponsorship and in return they were willing to give the sponsors 60 per cent of the club’s stake. However, under the contours of the deal, 74 percent shares of the club will go to the Streamcast Group, while the remaining 24 percent will stay with senior officials of the club.

While the deal that the green and maroon brigade cracked is slightly lesser than what they expected, the club is sticking to the plans made earlier for using the sponsorship amount. “ISL bidding will be the first thing we do in November. We will use the money to build a stronger team and also invest heavily in developing our football academy,” added Mitra.

Bagan also plans to add another revenue channel by incorporating transfer fee from the next fiscal.

The sponsorship excites the Mariners who have been disheartened by the club’s failing economic health. After ending its association with the UB Group, the oldest football club in the country had 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.