The acquisition of ADO Den Haag may still be in doubt, reports Omroep West Monday evening. American World Soccer Holdings was in the market to take over the club from United Vansen, but has now ‘taken a step back’ after it became known that ADO has started a so-called WHOA procedure.
WHOA stands for Wet Homologatie Onderhand Agreement: this law is designed for companies that are subject to bankruptcy. ADO is unable to meet its payment obligations and has entered into this financial ‘cooling-off period’ in order to make a responsible relaunch.
It presumably means ADO won‘t get into American hands. According to Omroep West, World Soccer Holdings — which will actually present a rescue plan this week — has officially responded to the news about the WHOA procedure.
ADO has been in heavy weather for months: it has brought an interim action against UVS, the current major shareholder, and has seized the shares of the Chinese party. The Eredivision-gate shutter must also fear degradation after the Kitchen Champion Division. ADO won surprisingly with 3-2 from Feyenoord on Sunday, but has three more games to make up for a five-point gap with number sixteen FC Emmen.
🔰 World Soccer Holdings announced in a press release that it takes a step back after today’s developments. ADO Den Haag has started a WHOA project, and hopes to avoid bankruptcy through this new law.
— Jim van der Deijl (@JimvanderDeijl) May 3, 2021