Vitesse’s total debt now amounts to 18.9 million euros, according to a publication by the Gelderland court. The Arnhem residents owe most of this amount to Coley Parry.
According to the court document, Vitesse has a debt of 14.3 million euros to Parry. The American was the intended new owner of the Arnhem team and had already invested that amount in the club. After the KNVB licensing committee rejected Parry’s takeover, the investment was converted into debt. An appeal against this decision of the licensing committee is currently underway.
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In addition to the debt to Parry, Vitesse also has to repay 1.45 million euros to the tax authorities and there is a debt of approximately 3.1 million euros to approximately one hundred and fifty trade creditors. Both Parry and the other creditors indicated in the hearing that they do not have Vitesse’s bankruptcy as their goal. According to the court, the people of Arnhem are now being given “the benefit of the doubt”. However, creditors retain the option to file for Vitesse’s bankruptcy.
Vitesse is said to have argued that the club has more value for creditors as long as it is not bankrupt. In the event of bankruptcy, Arnhem players would no longer generate transfer fees. Although the court doubts this argument because of the costs the club incurs to stay afloat, it has been decided to give the benefit of the doubt here too. This does mean that Vitesse will be dependent on “incidental benefits and donations” in the future.
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