Vitesse suffers another setback as investor pulls out of deal

Vitesse's existence is in danger once again. One of the two parties that were prepared to take over the struggling club from Arnhem has pulled out of the deal at the last moment. A spokesperson for the club confirmed that an American investor pulled out. A company with Dutch roots is still involved. "We are trying to finalize a deal with them," the spokesperson added.

Vitesse had until 11:59 p.m. on Monday to submit a balanced budget (with guarantees) to the KNVB licensing committee. If this is approved, Vitesse will be able to remain a professional football club. The club's spokesperson confirmed to The Telegraaf that the club was not able to submit the whole package of rescue measures due to the development.

The licensing committee would not say whether Vitesse is getting another postponement. "Vitesse has submitted documentation, and the licensing committee will now analyze it. There will be no detailed information given regarding this," a spokesperson added. "We will release the information when a decision is made."

Edwin Reijntjes, Vitesse's general manager, shared last week that the club was struggling to find an investor. "Of course, we are speaking to various interest parties, but nobody has come through with a concrete offer up to now," he said in an update on the club's website.

The club was speaking to two parties up to the deadline, but they have not yet reached an agreement with American creditor Coley Parry, who claims to be owed 14.3 million euros.

Vitesse started the legal arrangement to make a payment arrangement with its creditors a few weeks ago to help enforce the cancellation of part of the debts. The court gave the club permission to do so. Reijntjes reported that the creditors have been notified of the steps that are being taken in this case. "It is now the priority to reach an agreement as quickly as possible."

The Arnhem club has started preparing for next season in the second division despite its financial problems. The first training session, which manager John van de Boom will lead, is scheduled for June 30.