Vitesse Takeover Collapses: Guus Franke Withdraws After Parry’s Termination of Agreement

The proposed takeover of Dutch club Vitesse by businessman Guus Franke has fallen through after a critical agreement with the club’s primary creditor, Coley Parry, was unexpectedly terminated.

On Wednesday, Franke confirmed he would no longer pursue the acquisition, citing Parry’s unilateral decision on 1 October to end their multi-million agreement, which had been essential for Vitesse’s licensing requirements and financial stability.

Key Agreement Falls Apart

The takeover was originally structured with a prerequisite agreement that Franke would assume Vitesse‘s debt to Parry, a major American creditor, as part of the Dutch Football Association (KNVB)’s conditions to approve the acquisition. Both parties reached an initial agreement in July, just before a KNVB deadline, which was intended to clear the way for Franke to take over Vitesse pending a green light from the licensing committee.

Franke’s plans, however, were thwarted by Parry’s abrupt decision to end the agreement, effectively halting the transaction. In a statement, Franke expressed his disappointment, saying, “We spared no expense or effort to save Vitesse, met all the KNVB conditions, and the money for the takeover was already ready. But our deal to take over the millions in debt from the American creditors was a prerequisite of the KNVB, so it can come as no surprise to anyone that I can no longer take over the club in this way.”

KNVB’s Rigorous Scrutiny and Unresolved Motives

The KNVB had required further investigation into the source of Franke’s funding as a condition for approving the deal, a process that Franke accepted despite delays. “Given the past, I understand that the KNVB wanted to put everything and everyone under a magnifying glass three times,” Franke said, referring to the heightened scrutiny of the club’s finances.

Despite these extensive checks, Franke suggested that more collaboration from all parties could have saved Vitesse, adding, “If everyone had worked half as hard as we did, the takeover would have been a fact and Vitesse would have been saved.”

The exact reasons behind Parry’s decision to terminate the agreement remain unclear, leaving Vitesse in a precarious financial position. The KNVB and Vitesse fans now await further clarity on the club’s future.