East Bengal have been struggling to keep their ties with their investors, which has affected results on the pitch.
They finished ninth in the Indian Super League last season and are on the lookout for new owners in the hope of recapturing their glory days.
Manchester United are amongst the entities who are in talks to get their hands on the Indian club who are one of the giants of Kolkata football.
Ganguly, a former India test captain and the president of the cricket board, is facilitating the talks to find new owners for East Bengal.
He was previously associated with East Bengal’s local rivals Mohun Bagan, but is now trying to help the ailing giant of Indian football.
Asked if the Red Devils are looking to come in as investors, Ganguly told Kolkata daily Telegraph: “No-no [they are coming] as an owner.”
He indicated that a deal is not done yet as it will take some more time to finalise all the details.
“It takes some time.
“First, let it reach a stage then we will make a comment.
“I will speak only after there’s a concrete development.”
