The Belgian professional football club Royal Antwerp FC is going to London to borrow millions of euros to finance its daily operations and the construction of a second football stand. The loan is provided by the investment fund Fasanara Capital, which is working with sports financier Tifosy. According to sports economist Thomas Peeters of Erasmus School of Economics, this step is not only logical, but also necessary for the club.
‘Even a financially healthy club could have taken this step,’ says Peeters in an interview with the Belgian newspaper Het Laatste Nieuws. ‘But given the losses of owner Paul Gheysens and the restrictions from Financial Fair Play, external financing has almost become inevitable.’
High interest, high risk
Although the exact loan amount is not known, the cost of the new stand is estimated at 12.5 million euros. The loan also serves to absorb cash flow problems in the operational functioning of the club, a well-known problem in professional football where income such as transfers and TV money often comes in irregularly.
Peeters does warn of the risks: ‘The interest rate for these types of funds can go towards 10%. It is not cheap. But it does show that investors still believe in Antwerp FC, despite losses of 58 million euros in the past two years.’
Alternative to bank financing
Traditional banks are increasingly ignoring football clubs, partly due to recent fraud cases and a lack of creditworthiness. Investment companies such as Fasanara Capital are filling that gap. They specialise in loans to risky companies, and in this case also to football clubs. Antwerp FC is not the only Belgian club to take this path, Club Brugge previously raised money via the American Orkila Capital.
No takeover, but control
An important detail: it is a loan, not a takeover. Investors therefore do not obtain shares or a say in the Antwerp FC, an important difference with, for example, the takeover of Standard Liège by 777 Partners. ‘This construction reduces the pressure on owner Gheysens and shows that the club is also considered viable outside of his capital,’ says Associate Professor Peeters. ‘It is a step in the right direction.’
- Associate professor
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You can download the full article from Het Laatste Nieuws, 22 May 2025, above.
For more information, please contact Ronald de Groot, Media & Public Relations Officer at Erasmus School of Economics: rdegroot@ese.eur.nl and mobile +31 6 53 641 846.
