By Samindra Kunti
July 27 – FC Twente will start the new Eredivisie without a points deduction or any other sanctions after the Dutch FA KNVB approved the club’s new plan to further reduce its debts.
“This is good news,” said Twente’s finance director Gerald van den Belt. “There have been firm cuts. We have had to say goodbye to 70, 75 people, so it has been a decent half year.”
Last season it emerged that FC Twente were in financial trouble, overspending after the windfall from the Champions League qualification in the 2010/11 season and investing in a state-of-the-art stadium. The club implemented measures after pressure from the KBVB in the form of a six points deduction punishment, but the club still has €90 million in debts, according to van den Belt.
Last year the club had an operational deficit of €8 million, by the 2016/17 season Twente wants to reduce its financial budget to €35 million to further streamline its operations.
“In all honesty we have to say that we still need to borrow in order to ensure a cashflow in the coming months,” admitted van den Belt. “But the fact that we get that loan also indicates that there is sufficient confidence in Twente.”
Van den Belt admitted that Twente will have to restructure its debts.
The club is also reducing its wage bill and cashing in on transfers. This summer Luc Castaignos, Andreas Bjelland, Cuco Martina and Bilal Ould-Chikh all left Enschede, leading to a transfer surplus of €8 million.
Contact the writer of this story at moc.l1735003827labto1735003827ofdlr1735003827owedi1735003827sni@i1735003827tnuk.1735003827ardni1735003827mas1735003827