Salvation amid turmoil: Vitesse confirm takeover talks

Salvation amid turmoil: Vitesse confirm takeover talks
Salvation amid turmoil: Vitesse confirm takeover talks

Vitesse Arnhem’s hopes of survival have been boosted by two serious offers to take over the club and relieve its debts. As per Dutch News, Interim director Edwin Reijntjes said last week that the club was considering a number of “serious bids” without going into detail.

Local broadcaster Omroep Gelderland said it was understood from sources that one of the offers was from a local investor, while the other came from a foreign company.

Vitesse were relegated last season and dramatically docked 18 points in the Eredivisie by the KNVB for failing to submit accurate accounts, or clarify their relationship with Russian billionaire and former Chelsea owner Roman Abramovich. The Russian is said to have poured €100 million into the club.

While the club is set to miss the deadline to submit its budget for next season to the Dutch football association KNVB, (Monday) which is one of the conditions for obtaining a professional license, the governing body is expected to give Vitesse extra time to hold talks with prospective new owners.

The KNVB will then decide whether the club can play in next season’s Keuken Kampioen Divisie. The hard deadline is mid-July, when the football association draws up its fixture list for the 2024/25 season.

Vitesse has a debt of €14.3 million. That amount is owed to American investor Coley Parry, the head of a consortium that tried to buy the club from Oyf in 2022.

The KNVB blocked the takeover in February because of doubts about the group’s finances. Since then Parry has threatened to trigger heavy penalty clauses if the club does not repay the loans.

Vitesse has the option of initiating a Dutch legal procedure, the WHOA, which would limit the amount Parry can reclaim to 30% of his investment. That said, the club is understood to see this as a last resort because of the time pressure to reach an agreement.

 
For Latest Updates Follow us on Google News
 

-

NEXT Mexico on alert for Category 4 Hurricane Beryl. Heading to the Yucatan Peninsula