KV Oostende fans had been hopeful that the side would be saved by a takeover by a group known as Apex headed by Mark Campbell. However, the clubs administrator has revealed that the proposed takeover has fallen through. This, he has said, is because current majority shareholder Paul Conway of Pacific Media Group (PMG) would not give up his shares in the club. Conway and his PMG have been involved in a number of other clubs such as Nancy and Barnsley.
The club now looks set to be declared bankrupt and cease to exist, with a debt of around €10m and the need to provide the Belgian licensing committee proof of funds fast approaching. Despite points deductions due to financial mismanagement by PMG, the players still managed to somehow avoid relegation from the Belgian second tier. However, this seems to have all been for nothing after todays news.
Administrator Werner Van Oosterwyck has stated that, while he is not giving up hope, the side need a miracle to be saved.
GBeNeFNÂ |Â Ben Jackson
