Vitesse Arnhem are facing potential bankruptcy after they had their professional football licence revoked for failing to submit the correct documentation before last week’s deadline.
The decision, which was confirmed by the Netherlands football association, the KNVB, after it had granted Vitesse a month’s extension, means the club will be blocked from participating in next season’s domestic competitions. It caps a dramatic reversal in fortunes for the 132-year-old club – the country’s second oldest – who last month were relegated from the Eredivisie where they had played continuously for more than three decades.
“The independent licensing committee of the KNVB has revoked the licence of football club Vitesse as of 9 July,” said a statement. “This was communicated to the club on Monday. The absence of a bank account, the absence of a controlling accountant and the fact that no conclusive budget could be provided, make it impossible to allow the licence of Vitesse to continue for the 2024-25 season.”
Vitesse, who are negotiating a takeover deal with the Dutch businessman Guus Franke and are reported to have debts of around €14m (£11.8m), have confirmed they intend to appeal against the decision. If unsuccessful, they could face a similar fate to the Belgian club Mouscron, who were declared bankrupt in May 2022 after having their licence revoked.
“It was in the line of expectation that such a decision would be made. We have not been able to provide the necessary information in time,” said Vitesse’s interim managing director, Edwin Reijntjes. “As announced to the KNVB, we will immediately appeal. With the developments of the past few days we are looking forward to this process with confidence. We do not give up in the interest of the club, it is certainly not yet over.”
The KNVB’s decision also follows a joint investigation by the Bureau of Investigative Journalism and the Guardian, which revealed apparent – and previously denied – financial connections between the club and Roman Abramovich, which took place during the oligarch’s ownership of Chelsea.
This included revelations that Abramovich had, according to leaked documents, secretly bankrolled the club over multiple years with at least €117m in loans, using a network of shell companies in offshore jurisdictions including the British Virgin Islands, Liechtenstein and Belize. During the period in question, Vitesse were nicknamed “Chelsea B” because of the large number of players that were loaned to the club, including Nemanja Matic and Mason Mount. Vitesse’s three most recent owners – Merab Jordania, Alexander Chigirinsky and Valery Oyf – were all known to be close to the billionaire. Both clubs denied any form of formal relationship and two previous investigations by the KNVB failed to find any evidence of Abramovich’s influence on the club.
Nevertheless, Vitesse’s fortunes changed dramatically after Russia’s invasion of Ukraine. Abramovich had sanctions imposed on him in both the EU and the UK, while Oyf signalled his intention to sell the club. TBIJ and the Guardian’s reporting last year prompted a third KNVB investigation into the club’s ties to Abramovich, as well as one by the Dutch government’s ministry of economic affairs.
One prospective US buyer, the Common Group, failed to gain approval from the KNVB, which cited a lack of transparency over the origins of its funds. In April this year, the KNVB docked 18 points from Vitesse – the largest such penalty in Dutch history – for repeated breaches of licensing regulations and providing incorrect information to investigating authorities. It also said it had unearthed “indications that Abramovich has or has had control over Vitesse”.
Since the end of the season, Vitesse have been in a desperate hunt for a new owner who could pay off the club’s mounting debts – a substantial amount of which is owed to the Common Group. Despite gaining approval to transfer Oyf’s shares in Vitesse to a new foundation the club have been unable to raise the funds to balance their books – a requirement needed to retain their licence.
