Deal reached to save Vitesse minutes before deadline
Minutes before midnight, cheering broke out at Vitesse as businessman Guus Franke reached an agreement with the American investor Coley Parry about taking over the Arnhem football club. The acquisition saves Vitesse from bankruptcy and gives the football club hope for winning its appeal against the KNVB’s decision to pull its professional license, NOS reports.
Franke announced the deal in a press release and Vitesse confirmed the content to the broadcaster. The agreement was necessary to offer the KNVB a comprehensive policy plan. The deadline for this was 11:59 p.m. on Monday. Vitesse said that it submitted the required documents to the Dutch football association on time.
The KNVB stipulated that Vitesse had to cut ties with Parry and his Common Group for Franke to take over the club. This required Franke to reach a deal with Parry to buy off over 14 million euros in debt.
Earlier in the evening, the involved parties reported that they had failed to reach an agreement, but a solution unexpectedly emerged. “I was disappointed to the core that, despite the efforts of so many people, whe had not been able to achieve this, Franke said. “But it kept nagging at me, and despite everything, the fans remained as combative as ever. Then I decided to pick up the phone one more time, shoot one more time for the goal in the last second of injury time, and then we worked it out.”
Hundreds of fans had gathered at the Vitesse training complex in Papendal to find out their club's future. Cheers erupted at the unexpected reprieve.
“Everyone’s patience has once again been tested. It is strange how certain processes work, especially when a deadline is approaching. With this agreement, we were able to complete all other required documents. It worked,” said Edwin Reijntjes, interim director of Vitesse. “We have submitted our appeal, including the budget and the request for change of control. In short, we have met the deadline. We are now waiting for the case to be heard.”
In order to win its appeal and obtain a new professional license, Vitesse also has to demonstrate that its problems with ING bank and the accountant have been resolved. Franke is hopeful that this will succeed. “It is incredible what emotions the continued existence of such a beautiful, traditional club brings. The positive energy that has arisen in recent weeks says everything about the value of the club for Arnhem and far beyond. I hope that we can achieve this quickly and are at the start of very good times,” he said.
