Vitesse Ownership Dispute Erupts as Foreign Owners Claim to Fire Management

A significant dispute has erupted within the ownership of Dutch football club Vitesse, threatening to derail its crucial share transfer. Three of the four foreign owners have reportedly informed the KNVB that the club's management has been dismissed. This move, however, is being contested by the club's management, who argue it directly contravenes the terms of the agreement for selling the club to Sterkhouders BV, a group of local investors.

The KNVB, the Dutch football association, has so far remained tight-lipped, refusing to comment on the unfolding drama. Meanwhile, one of the foreign investors, former Vitesse director Timo Braasch, has acknowledged that his primary goal is to sell his shares. While he neither confirmed nor denied ordering the management and supervisory board to step down, the club's leadership insists that any such decision requires the consent of the local investors, a point they claim is contractually binding.

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my shares to sell

This internal conflict comes at a critical juncture for Vitesse, which narrowly retained its professional license last summer after facing severe financial difficulties. The club was previously owned by Russian individuals who had to divest due to sanctions. A substantial debt to an American party, whose financial origins were unclear to the KNVB, nearly led to the club's demise before various foreign investors took over the €18 million claim. Now, with Sterkhouders BV ready to guarantee the debt and acquire the shares, the current ownership dispute could jeopardize the KNVB's approval, potentially plunging Vitesse back into uncertainty.

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Such a person is formally still the owner, but may not say 'I'll tear out the kitchen because I'm still the owner'.