Tan backs out of KV Kortrijk sale after Kaminski Group misses first payment

July 10 - Belgian club KV Kortrijk will remain in the hands of owner Vincent Tan after a failed takeover by the Kaminksi Group.

On June 14, Kortrijk confirmed that the club had been taken over by the American group Kaminski "subject to final approval" by the Malaysian owner of the West Flanders team, Vincent Tan, who had been looking for a buyer for several years. Tan arrived in 2005 and despite pouring extra money into the club, Kortrijk endured a shaky existence.

Following Tan's intentions to sell, a series of other potential investors showed interest, but they eventually gave up, citing the €15 million asking price as too high. In mid-June, it was rumored that the American of Polish origin Maciek Kaminski had put 17 million euros on the table.

This agreement would now be canceled after the Kaminski Group missed the July 6 deadline to pay the first installment.

The Kaminski Group had already approached Everton in England, but after six months of negotiations with Farhad Moshiri, Moshiri ended the discussion. The Kaminski Group is believed to want to establish a club before attracting US investors to fund a deal.

Last year, Kaminski took control of Greek top-flight club Panaitolikos.

For now, Tan will remain in charge of Kortrijk, which will start the new season with coach Edward Still as head coach. He will likely face another relegation battle.

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