April 29 – After prolongated negotiations, American investment group Pacific Media Group (PMG) has become the new owner of struggling KV Oostende.
In March, the American investors had pulled out of a deal after reportedly procuring 70% of the stakes in the cash-strapped seaside club with a promise of injecting €2.7 million. PMG also have a stake in Swiss side FC Thun and Barnsley.
In 2017, former owner and billionaire businessman Marc Coucke left Oostende for Anderlecht and ever since the club has been struggling financially, owing Coucke €6.2 million, labouring under a skewed salary structure, stadium rent, and an operational deficit of €9.6 million in the 2018-2019 season. On the field, Oostende were entangled in a relegation battle before the Belgian league was suspended with one match day remaining on the calendar.
But the new deal marks a lifeline for Oostende. “This ensures the future of KV Oostende,” wrote the club in a statement. “We are currently working serenely and hard on our license dossier, which will be submitted to the BAS on Monday, May 4th. After obtaining the license, more extensive communication will take place.”
Last week, the city’s mayor Bart Tommelein had announced that an agreement had been reached between the American investment group, the city and Alychlo, the holding company of Coucke. The club claimed that the former chairman tried to block a deal.
The BAS, the Belgian equivalent of CAS, has earlier refused to grant Oostende a license after the club submitted a dossier based on the cash injection of €2.7 million by PMG. Following the new deal, Oostende expects that decision to be reversed.
Contact the writer of this story, Samindra Kunti, at moc.l1734936080labto1734936080ofdlr1734936080owedi1734936080sni@o1734936080fni1734936080