Stadium deal saves Willem II
Wednesday, June 4, 2003
Article summary
Willem II have eased their debts by handing full ownership of their stadium to the Tilburg city council.
Article body
Willem II have found a solution to their financial problems after the Tilburg city council agreed to take over the money owed by the club on their stadium in return for full ownership of the arena.
Becoming tenants
The Eredivisie club owed €9m on loans taken out for renovation work on the ground, which they part-owned together with the council. Now the council, who will take on the debt, will have full ownership of the stadium and Willem II will become their tenants.
Lull in transfers
Although Willem II - eleventh in the Eredivisie last term - have been in good health financially for the past two decades, the recent lull in transfer activity affected them last season and another shortage has been predicted for next season.
'A healthy club'
However, they expect to be able to present a balanced budget again for the 2004/2005 season. "We are not a patient, but a healthy club with a short-term financial problem," said chairman Jan Vullings.
