FC Twente received an emergency funding of 32 million euros from the Enschede municipality on December 18, 2015, to avoid bankruptcy. The club had a loan of 5 million euros from Doyen Sports, but could not repay it. The college of Enschede had hired law firm Houthoff Buruma and economic bureau Oxera Consulting to convince the municipal council of the rescue operation. FC Twente had already offered the services of XXIII Capital months earlier, a London-based intermediary specialized in football finance. Henk Hoekstra, former financial director of Heerenveen, was the account manager Europe at XXIII Capital and had concluded a lucrative contract with FC Twente. The loan of 8 million euros at an interest rate of 8.15 percent was a stay of execution for the club. The municipality of Enschede had already financially supported FC Twente in the past and would do so again in the future, as was communicated to the financiers of XXIII Capital. The rescue of FC Twente was no surprise to Henk Hoekstra, who already knew that the bill would end up with the government. FC Twente could pay off its debts and make a fresh start thanks to the support of the Enschede municipality. The club had a tough time behind it, but could now think about the future again. The supporters of FC Twente were relieved that their club was saved and could look to the future with confidence. And so, the club could focus on football again. But the financial problems of FC Twente were not yet over. The club still had to deal with the consequences of its past financial decisions. So, the road to recovery would be long and difficult. FC Twente would have to be careful with its finances in the future. The club could not afford to make the same mistakes again.
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FC Twente receives emergency funding from Enschede municipality
FC Twente receives a 32 million euro emergency funding from Enschede municipality to avoid bankruptcy. The club had a 5 million euro loan from Doyen Sports, but could not repay it. Read the story behind FC Twente's rescue
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