April 21 – Sporting Lokeren has been declared bankrupt by a local commercial court after the Belgian club failed to find new investors to solve its debt crisis.
Just months short of its 50th anniversary, the club has been dissolved after what became a long but seemingly inevitable slide towards bankruptcy.
“To my great regret and sorrow, I must inform you that, despite all efforts up to and including yesterday, we have not been able to attract the necessary investors in time to meet the deadline to appeal for the club licence to ensure continuity,” said Lokeren chairman Louis De Vries.
“After a thorough evaluation, we have had to decide that our lawyer will accept the decision to be brought before the commercial court today.”
In 2019, De Vries, a former player agent, succeeded long-time Lokeren strongman Roger Lambrecht as chairman. Despite repeated promises of bringing on board new investors from as far as China and Guinea, he failed to rejuvenate a club that had been relegated to the second division in 2018 and built debt on top of debt.
Earlier this month, the Belgian FA (KBVB) refused to grant the club its professional license. Lokeren has player salaries outstanding as well as significant debt to suppliers. In total, the club is estimated to have amassed €5 million in debt.
Before Belgian football was suspended due to the coronavirus outbreak in March, Lokeren were bottom of the second division and condemned to playing relegation playoffs.
Lokeren’s bankruptcy is another indictment for Belgian football, where a majority of professional clubs run up debts and struggle with their financial managed. The club first played in the top light in the 70s and enjoyed its glory days in the 80s, reaching the quarter-finals of the 1980-81 UEFA Cup. They attracted players with international renown like Preben Larsen, Grzegorz Lato and Włodzimierz Lubański. After the turn of the millennium, Lokeren also won the Belgian Cup twice.
Contact the writer of this story, Samindra Kunti, at moc.l1734917737labto1734917737ofdlr1734917737owedi1734917737sni@o1734917737fni1734917737