体坛英语新闻：Municipality approves Chinese take-over ADO

THE HAGUE, the Netherlands, July 15 (Xinhua) -- The purchase of Dutch football club ADO Den Haag by China's United Vansen Sports company got green light from the municipality of The Hague on Tuesday.

Three weeks ago the Stadium Development Foundation (SSO), a major shareholder of ADO, announced an agreement in principle on the acquisition of shares in ADO Den Haag by the Chinese party.

However, the municipality had to approve the deal because it has a priority share.

This so-called golden share was obtained by the municipality in 2008 after it saved ADO from bankruptcy.

Research by the municipality on the background of United Vansen showed that the company has a good reputation and that the company is familiar with the European football culture by organizing activities with clubs in Spain, Italy and France.

For instance, the company has successfully organized Italian Super Cup in Beijing three times already, is going to held French Super Cup in Beijing in August 2014.

The municipality of The Hague had three weeks to reflect on the announced sale of ADO Den Haag, with the deadline expiring on July 16.

The municipality could have stopped the sale if another bid would match the United Vansen bid. That was not the case.

With the approval by the municipality the deal is expected to be finalized later this week. If the acquisition goes through, the city retains the priority share.

This means that the municipality has the right to approve the budget.