Sports     

Chinese owner hands ADO money and sees future with club

Xinhua, January 28, 2017

• ADO Den Haag has received the 2.5 million euros from Chinese owner United Vansen (UVS) ordered to be paid by a Dutch court, the Dutch soccer club announced on Friday.

  On January 19 this year ADO already received 500,000 euros from UVS and on Friday the remaining two million euros came in on the Dutch club's bank account.

  According to ADO UVS had failed to meet its financial obligations and on January 5 the court in The Hague had decided that the Chinese owner should pay the amount, 2,477,605 euros to be exact (2,649,009 U.S. dollars at current rates), as part of the take-over agreement in August 2015.

  The question now is how the common future of both parties looks like, with this damaged relationship. Wang Hui, chairman of the board of UVS, left a positive statement in a press release by ADO.

  "We cannot wait to take the next step in the process of ADO Den Haag to create a healthy and stable club in the long term," Wang said.

  ADO's CEO Mattijs Manders was relieved that UVS fulfilled its obligations, but acknowledged that there is still work to do and he left open the question of how a common future of the two parties should look like.

  "We are going to discuss the future of ADO Den Haag," he said.

  For now Wang remains suspended as chairman of the supervisory board and the UVS shares remain in the hands of an independent administrator, as the Enterprise Division of the Amsterdam Court had ordered on December 19 last year. In addition, the Enterprise Division demanded an independent investigation into the events at the club since the Chinese take-over almost two years ago.

  As a result of the financial injection by UVS ADO now is out of direct financial trouble. Manders hinted that part of the money might be used in the current transfer window, which closes on January 31. ADO are currently 15th in the Eredivisie.

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