Siep Engelen
Latest update:
Vitesse's financial problems appear to be even greater than expected. The total debt of the Arnhem club has risen to no less than 18.9 million euros, according to documents that the club has submitted to the Gelderland court. That amount is only expected to increase in the coming period.
Vitesse has the largest debt with American investor Coley Parry, who demands an amount of 14.3 million euros from the club. This will only increase further in the coming period due to penalty clauses and interest. Vitesse also has a debt of 3.1 million euros to 150 so-called trade creditors and a tax debt of 1.45 million euros, which will increase to 2 million euros in the short term.
The court said that 'Vitesse currently enjoys the benefit of the doubt'. The court has found that Vitesse is dependent on incidental benefits and donations and generally has a negative exploitation, making it extremely uncertain that Vitesse will succeed in its aim.
Vitesse is currently in a so-called WHOA procedure. In such a WHOA procedure, which was created especially for distressed companies, a restructuring expert is appointed to restructure the company's debts. This procedure was a crucial aspect of the Arnhem people's rescue plan. The judge's formulation shows that there is doubt as to whether this applies to Vitesse.
ADO Den Haag and VVV-Venlo managed to avert bankruptcy in the past by using the same procedure. MVV also started the WHOA procedure earlier this month, the Limburgers confirmed through their own channels.
In the coming week it will become clear whether the WHOA procedure will provide a solution to Vitesse's situation and whether a viable company can emerge from it. The restructuring expert must therefore investigate whether incidental benefits and donations are available to support the restructuring of Vitesse.
Last week, Vitesse received no less than eighteen points deduction from the Eredivisie by the KNVB licensing committee and was therefore relegated in one fell swoop. If Vitesse manages to retain the professional license, it will have to find a way back to the Eredivisie next season via the Kitchen Champion Division.
Want to always stay informed of the most important football news? Join the Voetbalzone WhatsApp channel now!
More news
More sports news
