In the coming days, Belgian club Ostend will officially declare bankruptcy. The owner of the team is the investment fund Pacific Media Group.
Pacific Media Group is an investment fund whose faces are Chien Lee and Paul Conway. The company entered football in 2016 by investing in Nice. Two years later, the French club changed hands and Pacific Media Group began investing in other clubs.
PMG was also the owner of Belgian club Ostend for several years, which played in the domestic cup final and Europa League qualifying round, among other things, a few years ago.
Unfortunately, Ostend's future does not look bright. The club published an official statement in which it declared bankruptcy. The club's problems started a year ago. "Ostend" was relegated to the lower league and began to sink more and more into debts. Today they amount to ten million euros.
Interestingly, the club from Ostend is not the first club of this owner, declared bankruptcy. In the past, such a fate befell French Nancy, English Barnsley and Danish Esbjerg.