The sale of NAC Breda to the English City Football Group is cancelled. The NOAD foundation, which owns the priority share of the Breda football club, blocked this by means of a veto on Thursday. NAC had actually already been sold for more than 7 million euros to the City Football Group of Sheikh Mansour bin Zayed Al Nahyan from Abu Dhabi, who also owns Manchester City. As an alternative, the local alliance NAC=Breda has now been put forward.
The deal between the major shareholders and the City Football Group was actually closed, but there were still conditions attached. For example, permission had to be obtained from NOAD, the foundation that manages the golden share of NAC. They are the culture guards of the club and have said no to the takeover. The reason for this is not yet clear. However, there was a lot of resistance among the supporters of NAC and they took action in recent weeks.
NAC=Breda
According to the rules of the game, the NOAD foundation must come up with an alternative if it rejects a buyer. That is what happened. The party they put forward is an alliance of local entrepreneurs. In their plan, the shares eventually end up with NAC itself via a subordinated loan. For the time being, this group will continue under the name NAC=Breda. They will now enter into conclave with the current owners and the Supervisory Board must approve the transfer. Just like the KNVB and the municipality.
Third time
It is now the third time that a purchase agreement with NAC has disappeared in the trash since the club was put up for sale in June last year. An American investment company was the first to drop out because it was unable to meet the guarantees financially, and then the plans of the local builder Karel were cheerfully dismissed by the Supervisory Board. And now the large, wealthy City Football Group has not made it either.
ALSO READ:
NAC fans over the moon with takeover: ‘History flushed down the toilet’
Construction contractor Karel Vrolijk is angry: ‘Blocking the takeover of NAC is not possible’