Sunday 12 July 2020

Own goal? Enschede council bails out struggling football club FC Twente

Photo: FC Twente

A majority of Enschede city councilors have backed a rescue plan for troubled local football club FC Twente, which involves writing off €5m of a €17m loan and scrapping  repayments and interest on the remainder of the cash.

The city’s ruling coalition voted in favour of the plan, while opposition councilors (Socialist and GroenLinks) voted against, local paper Tubantia reported. They are furious the football club is being bailed out at a time when social services are being cut.

Alderman Eelco Eerenberg said the move to support the club is a difficult one, but essential. ‘The alternative, the club going bankrupt, would be far worse,’ he said during the council meeting.

Companies and private supporters have also stepped in to help the club. ABN Amro has written off €4.5m of its €5.5m loan and the wealthy Wessels family is investing ‘millions’ via an investment company, local broadcaster RTV Oost said.

The club is currently €30m in debt. FC Twente was relegated from the Eredivise last season but is currently on top of the first division.

Thank you for donating to DutchNews.nl

The DutchNews.nl team would like to thank all the generous readers who have made a donation in recent weeks. Your financial support has helped us to expand our coverage of the coronavirus crisis into the evenings and weekends and make sure you are kept up to date with the latest developments.

DutchNews.nl has been free for 14 years, but without the financial backing of our readers, we would not be able to provide you with fair and accurate news and features about all things Dutch. Your contributions make this possible.

If you have not yet made a donation, but would like to, you can do so via Ideal, credit card or Paypal.