Vitesse facing €3.5 million deficit this season as American takeover fumbles: report
Vitesse is in acute financial problems. The football club is facing a deficit of close to 3.5 million euros for this season and may need to take out an additional loan to make it through, sources around the Arnhem club told AD.
The plan was for American investor Coley Parry, owner of the Common Group, to cover the deficit as part of his takeover plans. He provided a bank guarantee but is dragging his feet after the licensing committee rejected his bid to acquire Vitesse, the newspaper’s sources said.
The club would prefer to break ties with the American businessman and roll out “Plan Arnhem,” in which Vitesse continues by teaming up with local entrepreneurs. But Parry wants to protect his interests and still try to take over the club, so he won’t let go, the sources said. If he won’t provide the club with more money either, Vitesse may have to borrow externally to survive this season.
Vitesse was already heading for a deficit of approximately 7 million euros this season, according to AD. The club’s income amounts to 19 million euros, and its expenditure to 26 million euros. Part of that deficit would be covered by the transfer of Million Manhoef to Stoke City. The Englis club is meeting its payment obligations, AD’s sources said. But Parry has collateral on the transfer fee and can claim part of that sum. Vitesse is also in discussions with him about this.
