Breakthrough in Vitesse rescue plan: club is almost rid of Russian ownership | Football

Cutting Russian ties is an important requirement of the KNVB’s independent licensing committee for Vitesse to obtain a professional license next season. Without that license, the relegated Vitesse is not allowed to play in the Kitchen Champion Division.

The club was recently told by the five committee members that the share transfer must be completed by May 17 at the latest. Vitesse has wanted to acquire Oyf’s shares for some time, but according to the club, the transfer was thwarted by the American Coley Parry of The Common Group.

The KNVB licensing committee rejected Parry’s takeover in February, but an appeal is still pending. According to agreements in the contracts, Vitesse may not claim the shares until the ruling in the appeal case. A ruling in that appeal will follow later this month.

Vitesse and Parry are now almost ready to drop the claim on the shares. “There has been a breakthrough in the talks,” Reijntjes told five journalists on Monday. “We expect to be able to release something about it very soon. We are not there yet, but it is going in the right direction. And that is the first step towards a solution. Otherwise it is just over.”

The lawyers of Vitesse and Parry are currently putting the results of the conversations on paper via Zoom. Reijntjes: “We are in reasonable agreement about the conditions, but it still has to be fully recorded. That is 35 pages of legal documents. The lawyers are now formulating it in such a way that we can all live with it.”

By cutting Russian ties, the way is clear for Vitesse to put its affairs in order. Due to the Russian presence, house bank ING has canceled its banking relationship with Vitesse, which may leave the club without a bank account after mid-August.

Accountant BDO also refuses to sign the annual accounts because of the Russians. A club without an accountant and without certainty about maintaining a bank account will not receive a professional license from the independent licensing committee.

Due to the Russian departure, Vitesse also does not appear to face any penalties from the Ministry of Economic Affairs and Climate, which is currently investigating whether the club has violated the sanctions rules against Russian persons and companies.

Vitesse does not expect to have approved annual accounts and a bank account for the entire new season before May 17. As a result, the KNVB’s independent licensing committee will in any case proceed to purchase Vitesse’s professional license.

The club will appeal against that decision, Reijntjes said on Monday. In the meantime, Vitesse can continue to solve its financial problems. The club is struggling with a debt of 18.9 million euros and has a deficit of 5 million euros on next season’s budget.