Jimmy Bolcina / Photo News

US company buys KV Oostende

The Belgian First Division football club KV Oostende has been taken over by the American investment group Pacific Media Group. A few weeks ago at KV Oostende’s new year’s reception the Club’s Chairman Frank Dierckens said that a deal to take over the club was 95% complete. Now the deal has been completed Mr Dierckens, who will remain Chairman, told the VRT that “The club deserves healthy financial governance devoid of megalomaniac decisions”. 

The takeover hasn’t come a moment too soon for KV Oostende. It means that the club will be able to present all the information and documentation required by the Professional Football Licencing Commission. The licence application is due in on Monday.  

The club’s new management structure will be confirmed soon. However, what is certain is that Frank Diercksens will be staying on as Chairman.  "I am pleased that I can ensured that the club remains firmly rooted in the local area”, Mr Diercksens said.

 

Very important for KV Oostende is that the club works towards good financial stewardship "The cost structure in general needs to be brought down. The club deserves to be managed according to its size and without megalomaniac decisions being taken”, the Chairman said.

 The club aims to reach an operational break-even by 30 June 2021. KVO is on the right track. Its losses were 65% lower during the second half of 2019 than was the case during the second half of 2018.