Coley Parry provisionally allows the transfer of Vitesse’s shares to the ‘Vitesse forever’ foundation, writes The Telegraph. The shares are currently still owned by Russian owner Valeriy Oyf.
The KNVB licensing committee announced last week that Vitesse’s license will be revoked in mid-May if nothing changes within the club. One of the stumbling blocks for the committee is that Vitesse’s shares are still in Russian hands. Parry was originally set to take over the club, but his plan to buy the shares was rejected by the licensing board in February. The appeal against that decision is still ongoing.
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All the money Parry had already invested in the club, an amount of €14.3 million, was then converted into debt. The American also had the power to block the transfer of the shares to the foundation, something he has done recently. Interim director Edwin Reijntjes informed De Telegraaf that the businessman has changed his mind and will approve the transfer of the shares for the time being.
This decision by Parry could be of vital importance for Vitesse. By transferring the shares to the foundation, the Arnhem residents no longer have ties with Russian parties, which means that one of the most important requirements of the licensing committee can be met. In addition, severing these ties will ensure that Vitesse will still have a bank account after the summer, which was canceled by ING due to its connections with Russia.
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