Vitesse's budget still €6 million short; Deadline next week

Vitesse is still six million euros short of a balanced budget. According to interim general manager Edwin Reijntjes, this is why the Arnhem club has been given a moratorium until July 31 to submit its budget to the Dutch Football Association, the KNVB.

Reijntjes said that the intended shareholder, Guus Franke, would guarantee the difference between income and expenses, provided he was a shareholder. "It turns out he is not allowed to be that yet and may not be allowed to be it in the near future," Reijntjes said in a video that the club published.

The general manager would like to add that the deficit from operational activities is much lower and is between 1 and 2 million euros. "That 6 million also includes many costs from the previous season, and we will include them in the current season."

The KNVB licensing committee decided to withdraw Vitesse's license last month because the club did not meet the requirements that had been set. Vitesse appealed this decision to win themselves some time, as a result of which the license revocation was suspended, and the case ended up before the appeals committee.

Vitesse's new deadline is July 31 at midnight. The appeals committee aims to announce its decision on August 1.

The club still has to meet two conditions set by the appeals committee. Vitesse must have a bank and an accountant. According to Reijntjes, agreements have been made with ING and BDO regarding this. "That has been solved. The big problem is the budget, which needs to be approved. We must deliver a balanced budget so the appeals committee can reverse the decision and Vitesse can keep their license."

Until that decision is made, it will be difficult for the club to sustain itself financially. "The most important thing is that we can pay the salaries and the payroll tax because those are the most pressing problems. It is very important that a positive decision is made about the license, then funds will be released. Until then, the organization is at a standstill, and that is killing."