KV OOSTENDE supporters had hoped that a takeover by the Apex group, led by Mark Campbell, would preserve the club. However, the club’s administrator has confirmed that the proposed takeover has fallen through. This, he claims, is because current majority stakeholder Paul Conway of Pacific Media Group (PMG) refused to sell his stakes in the club. Conway and his PMG had previously played for Nancy and Barnsley.
The club currently appears to be declaring bankruptcy and ceasing to exist, with a debt of about €10 million and the deadline for providing evidence of money to the Belgian licensing committee coming quickly. Despite point deductions owing to PMG’s financial malfeasance, the players were able to prevent relegation from Belgium’s second division. However, in light of today’s news, it appears that all of effort was for naught.
Administrator Werner Van Oosterwyck has remarked that, while he does not give up hope, the team need a miracle to be rescued.
