The so-called WHOA (Act Homologation Private Agreement) procedure provides for a payment arrangement with all creditors. The aim is to make VVV ‘financially healthy again’, the Limburg club reports in a message on the website.
Ruud Timmermans, interim general manager of VVV, gave more explanation on the website of the club. “We are doing everything we can to make and keep the club financially healthy. The costs must remain manageable and investments are only made if they are necessary,” says Timmermans, who replaces Marco Bogers, who is ill, as director.
“Think of things like safety, maintenance or the possibility to generate extra income. With a payment arrangement with all creditors and debt restructuring, we can take a big step towards a financially healthy future and the continuity of the club will be guaranteed.”
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