Vitesse’s financial problems appear to be even greater: crisis club has a debt of 19 million | Football

So far it was only known that Vitesse had a debt of 14.3 million euros to investor Coley Parry, including fines and interest. The American wanted to buy the club with his investment company The Common Group, but the takeover was rejected in February by the KNVB’s independent licensing committee.

As a result, Parry’s loan to Vitesse was not converted into shares, but into a debt. Although this hangs around the club like a millstone around the neck, there appear to be many more financial concerns in Arnhem.

Vitesse’s application to the court for a special debt restructuring procedure (WHOA) shows that the club is still indebted to approximately 150 parties for almost 5 million euros. One of these is the Tax Authorities. The tax authorities are still owed 1.45 million euros by Vitesse. That amount will soon increase to 2 million euros.

A stroke of luck for Vitesse is that none of the 150 creditors, including Parry, have filed for bankruptcy. “Apparently Vitesse is currently getting the benefit of the doubt from its creditors,” said the judge, who after visible hesitations gave the green light for the WHOA procedure.

With a drastic rescue plan, crisis managers Paul van der Kraan and Edwin Reijntjes hope to prevent Vitesse from going bankrupt in the coming weeks. The club was relegated from the Eredivisie last Friday as a result of an unprecedentedly high points penalty from the independent licensing committee of the KNVB.

Vitesse’s budget will decrease from 26 million euros to around 12 million euros. About half of the 110 employees will be dismissed, interim director Reijntjes said during a press moment on Wednesday.

The debt restructuring procedure granted by the judge was an initial success for Van der Kraan and Reijntjes. It gives them the space to make a payment arrangement with creditors under the guidance of a restructuring expert. This allows them to cancel some of their debts.

That won’t happen without a fight. Vitesse is currently diametrically opposed to Parry. The American says he wants to keep the club afloat, but wants influence in return. Van der Kraan and Reijntjes want to keep Parry out.

During Monday’s digital hearing it became clear how heated emotions had become, as can be seen from the verdict published on Friday. Parry had recruited no fewer than six renowned lawyers from Amsterdam.

Even in the event of a possible agreement with creditors, Vitesse’s survival still hangs by a thread. The KNVB licensing committee is still considering possible penalties, because Vitesse may have violated even more licensing rules.

In extreme cases, the committee can still take away Vitesse’s professional license. In that case, the club will cease to exist after 132 years. It is not yet clear when the five members of the committee, who operate independently of the KNVB, will make a decision.

Employees of the Ministry of Economic Affairs and Climate are also currently investigating possible violations of sanctions rules against Russians and Russian companies by Vitesse.

The Russian Valeri Oyf still owns Vitesse, even though he has wanted to sell the club for two years. Although Oyf is not on the international sanctions list, it is said to have done business with Roman Abramovich in the past. It is on there.