ADO receives payment, Chinese take-over definite

Chinese sports marketing company United Vansen fulfilled all its financial obligations which makes the take-over of ADO Den Haag definite, the Dutch Eredivisie club announced on Friday.

Current ADO owner Mark van der Kallen confirmed that he received the money involved in the acquisition, according to Dutch reports around 8 million euros, from the new owner. With the official transmission of the shares, scheduled for next week, the deal will be complete.

In July last year the contracts were already signed and then the long wait from The Hague for the money began. Several deadlines were exceeded, but that period of uncertainty came to an end on Friday. United Vansen's owner Hui Wang is expected to attend a shareholders meeting next week.

"ADO Den Haag is delighted that the transfer of shares may take place and we can now begin a new phase in our history," said ADO's general director Maarten Fontein in a press release. "On a beautiful moment, just before our 110th anniversary."

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