Vitesse appeal rejected: takeover by Coley Parry definitively canceled

Vitesse appeal rejected: takeover by Coley Parry definitively canceled | Football

The KNVB appeal committee has declared Vitesse’s appeal regarding the share transfer to the Common Group unfounded. As a result, the decision of the licensing committee remains that the American investor Coley Parry is not allowed to take over the Arnhem club, the appeal committee has informed Vitesse.

In February this year, the licensing committee did not approve the acquisition of the shares of Russian Valeriy Oyf by Parry’s Common Group. The committee was not convinced that the American investment company had the appropriate and sufficient resources. Vitesse appealed against this.

Vitesse expects to receive a substantiated decision from the appeals committee within three weeks. The club is still discussing the next steps.

The appeal took place on Monday in Zeist. Vitesse had asked the football association to receive an abbreviated decision from the appeals committee as soon as possible, given the exceptional circumstances in which the club finds itself. The club received that decision on the appeal on Tuesday, without the elaboration of the considerations.

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Vitesse interim director Edwin Reijntjes said on Monday that he hoped that Parry will relinquish his claim on the shares. The Arnhem residents can finally end ties with the Russian owner Oyf if the shares can be transferred to the Vitesse voor Altijd foundation. Vitesse has wanted to get rid of Oyf for some time, but the transfer of the shares to a foundation was thwarted by Parry, who is still owed more than 14 million euros from the club.

A farewell to the Russian is an important demand from the independent licensing committee of the KNVB. Because with Oyf as owner, ING wants to close Vitesse’s account and an accounting firm cannot approve the club’s annual accounts.

Vitesse is struggling with a debt of approximately 19 million euros and must convince the licensing committee before May 17 that it has sufficient money to compete in the Kitchen Champion Division next season. The club reported that it was negotiating with Parry, who still has millions outstanding with the Arnhem team.

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