2. A. The PARTICIPATION Of
AJAX IN GERMINAL BEERSCHOT ANTWERPEN (GBA).
When the agency of information Reuter (Brussel, 02. 03. 1999)
announces that « Ajax of Amsterdam agreed to become minority
shareholder of the recent Belgian team of the first division, Germinal
Beerschot Antwerpen (GBA) », the declarations of the leaders of two
clubs in the columns of the same agency confirm the news. The director of GBA,
Mr. Louis Of VRIES, made resound the echo of «a fantastic
agreement ; it is what we sought », it added. While for its
part, the president D `Ajax, Michael Van Praag, detailed a little the
original reasons of such a business : « Ajax and GBA intend
to exchange players and to cooperate for the preparation of the career of the
young players. It is a cooperation agreement on all the possible levels, which
will benefit our two teams. » However, certain characteristics
suitable for the foreign direct investment are to be proven within the
framework of the example given.
2.A.1. Percentage of 10%.
The case of Ajax recalls us all the doctrines on the foreign
direct investment, i.e., the requirement of a participation to the amount of at
least 10%. It acts, without excess of assertion, of a great first in the
conversion of football into business, at the European level.
That does not prohibit to admit that on several occasions, the
owners of certain clubs, in the search for elements of diversification of their
incomes, often multiplied their actions in the capital of other companies.
But here, the characteristic, it is that it is a question of a
team of football which subscribes in the capital of another team of football.
What resembles a homogeneous integration, but in the sporting field.
Direct foreign investment, the participation of Ajax in GBA is
indeed. Indeed, in addition to the fact that the Dutch leaders did not limit
themselves to the idea of a simple financial placement in the Belgian club,
they released the funds which, to the beginning of the co-operation,
corresponded to the 31% of the capital of GBA.
2.A.2. The implication in the
management of the foreign club.
And already, in the administrative structure, GBA does not
control only any more the daily management of the club. Currently, Albert
Verhaegen, Jos and Rene Snelden are the Belgian representatives of the
direction of the GBA ; the other seats are occupied by the staff of Ajax
of Amsterdam. Therefore, while implying itself in management, Ajax makes return
his investment in the field of a direct foreign investment. Better than a
simple intention, the investment of Ajax of Amsterdam in GBA makes date and
takes the form of a vast process which will not stop there.
Thus after one year of shareholding, Ajax brought back his
participation in 51%. And, since the 05.09.2000, he became the holder of the
greatest number of actions in GBA, which, has from now on the statute of
subsidiary company of Ajax. This last club did not want to proceed by the
creation ex nihilo of a subsidiary company. This creation « be
expensive and implements a very important managerial participation in time and
energy ». (Keagan, W and De Leersnyder, J.M, 1994, pp. 132-133). At
the beginning, the idea of a fusion acquisition seemed to prevail, because
«it gets an immediate position on the market » (Ibidem).
The effort of the medium of football to fully encase the steps with the
multinational corporations in the conquest of the international markets is the
resultant of «mondialized competition. »
(Perrot Etienne, 1999, p. 15).
Actually, this total competition, which is used as substrate
with the metamorphosis of the sport in international business results in
promoting all that increases the productivity, the direct investment. The
exchange of the young players, and therefore, their transfer remain, in the
sport one of the considerable sources of increase in the productivity and
incomes. The professional sport became a great business, concluded Quirk James
and Fort Rodney
(1999, p. 5).
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