The Dutch football association KNVB has refused to give permission for Arnhem football club Vitesse to be taken over by an American company, saying there are too many doubts about the Common Group’s finances. 

“In the opinion of the licensing committee, it has not been shown that Common Group has equity capital and it is not clear whether Common Group has investors. No insight has been given into the origin of the Common Group’s money,” the KNVB said in a website statement.

Vitesse said in September 2022 it had found a new owner in the Common Group, run by US national Coley Parry. The club’s shares were put up for sale by Russian Valeri Oyf in March that year, following the war in Ukraine “in the interests of the club”.

The club told a press conference on Thursday that it planned to appeal against the KNVB’s decision. In the meantime, it is working on a “more regional-based.. plan B” in which Parry would buy 24.9% of the club shares.

He, in turn, pledged that he would not interfere with the running of the club and stressed the “enormous risk” investing in Vitesse would present.

The Common Group already owns English club Leyton Orient and Belgium’s Patro Maasmechelen.

Vitesse has also been given a €100,000 fine by the KNVB for failing to tell the licencing committee that it had ended its relationship with its bank.