Chinese takeover of ADO Den Haag approved

Want China Times, Xinhua 2014-07-16

Dutch football club ADO Den Haag's team home stadium, June 24. (File
photo/Xinhua)

The purchase of Dutch football club ADO Den Haag by China's United Vansen Sports company got green light from the municipality of The Hague on Tuesday.

Three weeks ago the Stadium Development Foundation (SSO), a major shareholder of ADO, announced an agreement in principle on the acquisition of shares in ADO Den Haag by the Chinese party. However, the municipality had to approve the deal because it has a priority share.

This so-called golden share was obtained by the municipality in 2008 after it saved ADO from bankruptcy. Research by the municipality on the background of United Vansen showed that the company has a good reputation and that the company is familiar with the European football culture by organizing activities with clubs in Spain, Italy and France. The company has successfully organized an Italian Super Cup in Beijing three times already, is going to hold a French Super Cup in Beijing in August 2014.

The municipality of The Hague had three weeks to reflect on the announced sale of ADO Den Haag, with the deadline expiring on July 16. The municipality could have stopped the sale if another bid would match the United Vansen bid. That was not the case.

With the approval by the municipality the deal is expected to be finalized later this week. If the acquisition goes through, the city retains the priority share. This means that the municipality has the right to approve the budget.