July 21 – AA Gent will remain in Belgian ownership hands with Sam Baro taking control of the Flemish club, replacing current owner Ivan de Witte.
“The final step for the takeover has thus been taken,” said AA Gent in a statement on their website. “The Belgian Competition Authority (BMA) and the Licensing Committee of the Football Association (RBFA) also approved the takeover by Sam Baro. In order to remain competitive at the top of Belgian football and to also play a role in Europe, KAA Gent has conducted an intensive and in-depth search for a suitable investor or buyer.
The club had long been looking for new owners but seemed reluctant to sell to a foreign investor and ultimately settled on Baro, a businessman who founded and owns Planet Group, an HR company with 2,000 employees and more than €85 million in revenue.
Baro will spend €30 million to acquire a 95% stake in the club. Ivan De Witte and Michel Louwagie will remain on the board. The club has €17.5 million in reserves but Baro has commitments to spend money on social projects and community schemes in the first instance.
Last season, Gent finished 12th in the Belgian league and reached the quarter-finals of the Europa Conference League. In the 2015/16 season, they achieved their best result in Europe, reaching the second round of the Champions League. Recent results have been disappointing, resulting in a slump in attendance.
Contact the writer of this story at moc.l1734995470labto1734995470ofdlr1734995470owedi1734995470sni@i1734995470tnuk.1734995470ardni1734995470mas1734995470