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Ajax sells 'GBA' majority's stake for one euro

15 March: After a long period of searching for a candidate and unsuccesful negotiation, Ajax has finally sold its 72.5% stake in Belgian First Class club Germinal Beerschot Antwerp (GBA). The buyer, next season's new GBA chairman Jos Verhaegen, bought the stock for a symbolic sum of one euro.

Ajax became the majority's stakeholder of GBA in 1999. For four years, the Antwerp club, which was founded as a merger of Germinal Ekeren and KV Beerschot, was Ajax's "satellite club". In the same period, Ajax also bought foreign brands in Ghana (Ashanti Goldfields) and South-Africa (Ajax Cape Town). The money for these foreign brands was raised by selling 56 million euros worth of Ajax stock at the Amsterdam Stock Exchange. At least 50% of this amount was spent on starting foreign "satellite clubs" for youth development.

Four years later, Ajax has sold its stakes in Ashanti Goldfields (51%) and GBA (72.5%) at major losses. The foundation of the academy in Obuasi, Ghana cost some 5.8 million U.S. dollars. An estimated 13 million euros in total were lost in keeping GBA alive. The purpe and white club is still in debt - and losing money. Talks with a few interested parties were unsuccesful, after which Ajax decided to give the stock away for practically nothing.

In Antwerp's Olympic Stadium, where the sale of Ajax's GBA stock to Jos Verhaegen was announced to the press, Ajax's general director Arie van Eijden said, metaphorically: "The horse is not always well fattened when the boss is away from home." In other words: it is hard, if not impossible, to decently run a professional football club from a distance.

The cooperation with GBA brought Ajax two new players: Jelle Van Damme, who played numerous games for Ajax-1 this season, and Thomas Vermaelen, a promising Young Ajax player whi signed a two-year professional contract with Ajax last week. Five more GBA youngsters are currently playing for Ajax youth teams. Meanhwile, Ajax contracters Kwame Quansah, Anthony Obodai, Aaron Mokoena and Walker Fronio are currently loaned out to GBA. They will continue to play for the Belgian club.

Just like the club did after the sale of its Ashanti Goldfields stock, Ajax has announced that the club will continue its cooperation with GBA on a technical level. Many critics, however, claim that those are just nice words and that the relationship between Ajax and its former satellite clubs will soon fade away.

Ajax has promised GBA to take the financial responsibility for this season's deficit in Antwerp (an estimated 1 million euros) and to continue investing in GBA's youth system for three more seasons. "We will not rip this club off", said Van Eijden.

Four years after its ambitious expansion, Ajax has sold its stake in two our of three satellite clubs at a major loss. Van Eijden: "Financially, we can say that this operation has failed."

The only remaining satellite club for Ajax is Ajax Cape Town, also the only financially healthy satellite club. Van Eijden: "We do not have to sell that club. But in the event of a good bid, you never know." (MP)

(Sources: de Volkskrant, Germinal-Beerschot.net)