Takeover Complete: Vitesse Finds New Investors

Dutch football club Vitesse announces takeover by new investor group.

Dutch football club Vitesse has confirmed that a takeover has been finalized, saving the club from potential bankruptcy. The takeover was announced on Friday, with Vitesse revealing that the new ownership consists of five investors.

The identities of the new investors will be disclosed at a later stage. In a statement on their website, Vitesse announced, “Vitesse can report the happy news that it has found five new shareholders.” The statement further explained that the five-man team took immediate ownership of the club after assuming the debt from Common Group and converting it into shares.

As a result of the takeover, Vitesse has regained positive equity. Notably, since each of the five investors owns less than 25% of the club, they are considered minority owners. This arrangement allowed Vitesse to avoid the approval process of the KNVB and its licensing commission.

The new shareholders plan to use the coming period to assess Vitesse's financial and sporting stability. They will also engage in talks with the club's key stakeholders. As stated by Vitesse, “The new shareholders explicitly choose to introduce themselves personally to Vitesse's supporters and stakeholders. This will happen very soon.” Until then, the five-man board will remain behind the scenes.

Vitesse, the football club from Arnhem, was on the brink of bankruptcy after the Dutch football association KNVB rejected the takeover bid by American owner Coley Parry's Common Group. This rejection threw the club's future into uncertainty.

The roots of Vitesse's financial crisis date back to the forced sale of the club by Russian oligarch Valeriy Oyf, who was sanctioned by the European Union following the outbreak of the war in Ukraine. Parry subsequently purchased the club but was later forced to leave after the KNVB's licensing commission rejected his takeover due to concerns over the source of his funds.

Parry's departure left Vitesse with a significant debt of €17 million, making it challenging for the club to attract new investors. Despite initial interest from local investor Guus Franke, the potential takeover fell through, with Franke blaming Parry for sabotaging the agreement. This led to another period of uncertainty for Vitesse.

The club's financial woes were further compounded by a substantial points deduction imposed by the KNVB. Vitesse failed to submit their annual financial reports, resulting in a 27-point deduction this season. This penalty left the club at the bottom of the Dutch second division with -8 points, casting a shadow over their future in professional football.