KV Oostende On The Brink Of Collapse

[animallittle3]

Courtesy of Conway and PMG


https://twitter.com/KvOostendeFR/sta...42444398800897

[POGGYWELL]

This lot needs kicking out of Football !
Still in the background at Oakwell that’s a big worry.

[animallittle3]

The Twitter translated

Very close to financial bankruptcy , dead last in The Pro League , the club disastrously managed by PMG .

The sporting situation is at its worst and debts are piling up .

[Arblasterfromthepast]

The Twitter translated

Very close to financial bankruptcy , dead last in The Pro League , the club disastrously managed by PMG .

The sporting situation is at its worst and debts are piling up .

Read a bit further down as well. Doesn't sound like the previous owners been paid either. And another £7m ish in debts!

[Acido]

These despicable people make me so angry, being allowed to run so many footy clubs badly like they do. And then they move onto somewhere else eventually, when the inevitable sh*it hits the fan.
We could be in financial trouble for a few years still, because of how badly they did here. And its still worrying as well that they (Lee & Conway) own roughly 37.5% between them. 🤬

[EthelRed]

What’s happened to the ‘fit and proper’ test for ownership?

This is how badly football is being administered in Europe. Bloody shambles.

[SBRed48]

Read a bit further down as well. Doesn't sound like the previous owners been paid either. And another £7m ish in debts!

KV Ostend are not alone. Don't forget they haven't paid a penny from their own pockets to purchase Barnsley FC yet.

Since Dec 2017 the Crynes have reduced the purchase price from £6 million (very cheap for a debt free then Championship club) right down to £3.5 million, to be paid in instalments. The Consortium did some creative accounting and paid themselves a "bonus" of £750,000 from the BFC Club Accounts which was then used to pay the first instalment.
Conway, on behalf of the Consortium, refused to pay any further instalments to the Crynes resulting eventually in the Crynes having to take Court action to get the remaining £2.75 million. When the balance of shares shifted resulting in Conway being ousted from the Board Jean Cryne agreed to drop the Court action and, in view of the club being skint, agreed to defer the remaining instalments, now to be paid from Summer 2023.
The debt of £2.75 million is still there to be paid and not a penny has been paid to purchase the club from the original Consortium's pockets.

[Arblasterfromthepast]

KV Ostend are not alone. Don't forget they haven't paid a penny from their own pockets to purchase Barnsley FC yet.

Since Dec 2017 the Crynes have reduced the purchase price from £6 million (very cheap for a debt free then Championship club) right down to £3.5 million, to be paid in instalments. The Consortium did some creative accounting and paid themselves a "bonus" of £750,000 from the BFC Club Accounts which was then used to pay the first instalment.
Conway, on behalf of the Consortium, refused to pay any further instalments to the Crynes resulting eventually in the Crynes having to take Court action to get the remaining £2.75 million. When the balance of shares shifted resulting in Conway being ousted from the Board Jean Cryne agreed to drop the Court action and, in view of the club being skint, agreed to defer the remaining instalments, now to be paid from Summer 2023.
The debt of £2.75 million is still there to be paid and not a penny has been paid to purchase the club from the original Consortium's pockets.

Yes I know SB. I'm sure others will follow.

[GRASS SOD]

Wouldn't BE SUPRISED IF THEM RSOLES HAVE TAKEN A BONUS PAYMENT OUT OF OOSTENDE TO PAY CRYNES THE NEXT PAYMENTS THEY OWE