The sale of the shares of NAC to a group of local entrepreneurs is close to being skinned, as is apparent from a confidential letter to all shareholders of the Breda club. The contract is expected to be signed next week. The entrepreneurs, working under the name NAC=Breda, pay seven million euros for the club and also set up an investment fund of at least five million euros.
The current owners of NAC were more or less forced by the NOAD foundation to negotiate with the group of entrepreneurs two weeks ago. These culture guards, in possession of the golden share, saw more benefit in a local solution than in the takeover plans of the sheik of the City Football Group or an American investment company. They were set aside.
NOAD’s actions are bearing fruit, because the denouement in the takeover process is rapidly approaching. After intensive contact between the parties, there seems to be nothing standing in the way and the takeover of the shares is almost a fact. It turns out that the local entrepreneurs of NAC=Breda have their affairs in order and can meet all financial obligations.
After the final agreement, which is expected next week, the municipality of Breda, the Supervisory Board and the KNVB still have to give their approval.
Boss in your own house
The strong point of NAC=Breda’s plan – according to a letter to the current shareholders – is that control immediately returns to the club after the sale. The buyers act out of club love and do not want to interfere in current and policy matters. The basic principle is that NAC must become the boss in its own house again.
It can be read that all this is guaranteed because the shares are immediately certified after purchase and placed in an independent foundation (Stichting Administratie Kantoor). This foundation will have a board – composed by an external advisor – that will have two tasks: managing the shares and appointing a Supervisory Board.
It is not unimportant that NAC=Breda will eventually look for a way to return the shares completely to NAC. But that is taxing quite a bit.
Investment fund
Besides the purchase of the shares and the placement thereof, the group of entrepreneurs of NAC=Breda has another important spearhead. This is how they set up an investment fund. This so-called partner fund raises a minimum of five million euros and is open to further participants. It is intended for the long term and that is to make an NAC a healthy company and a stable middle engine in the premier league.
In practice, NAC can draw on this investment fund through a subordinated loan. The interest rate is then low, one and a half percent, with a term of fifteen years. And there is no repayment obligation for the first ten years.
Calm, thrust and unity
NAC’s sales process led to a real soap opera in Breda from June last year in which stakeholders, administrators and supporters made each other’s life miserable out of division. That seems to be coming to an end with this purchase agreement. NAC=Breda wants to involve everyone in bringing NAC into calmer waters.
Current shareholders, large and small, have therefore been invited by letter to participate in the investment fund. Not because it is financially necessary, but to give the club even more peace, momentum and unity. After all, they are also NAC supporters, that is the reasoning.