Alex Kroes was also in violation at AZ: he was not allowed to be a shareholder of Ajax at all

Alex Kroes recently joined Sparta-Ajax, a few days following joining as general manager of Ajax.© Photo ANP

Theo Brinkman

Yesterday at 7:08 PM

Amsterdam

Director Alex Kroes, who was suspended by Ajax on Tuesday, also broke the rules during his (short) time at AZ. During that period he owned thousands of Ajax shares, while according to the AZ articles of association, board members are not allowed to be shareholders of other clubs.

Kroes had a management position at AZ for a few months in 2023. However, Article 16 of the articles of association of AZ Holding BV states that management positions at the club are only reserved for ‘persons who are not directly or indirectly associated as a shareholder, director or supervisory director (..) with another Dutch or foreign professional football organization that is a member of an association affiliated with UEFA.’

Shareholder of Ajax

The press release that Kroes himself issued following his suspension on Tuesday morning shows that he was a shareholder of Ajax during his AZ period. “In the period from April 6, 2022 to July 26, 2023, I purchased Ajax shares piecemeal, increasing to 42,500 shares (of the total of 18.33 million existing Ajax shares),” Kroes’ statement says. “On December 31, 2022, I already had 20,000 pieces. I purchased another part in the months of April, May and June of 2023. I purchased the last part (approximately 17,500 pieces) on July 26, 2023, shortly before my appointment on August 2, 2023.”

Also read: ‘Cycling CEO Merijn Zeeman becomes director at AZ’

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Alex Kroes during his time at AZ, with technical director Max Huiberts on the left, in December 2022 during an AZ training camp. © Photo Theo Brinkman

Whether AZ knew at the time that Kroes owned Ajax shares (and even bought more) is unknown, but it is obvious that the club was not aware of it. The only response AZ gives to the developments surrounding Kroes is a short statement.

“AZ has taken note of the issue between Alex Kroes and Ajax. For us, what now appears to be emerging is also surprising. Because there is now – apparently – an investigation by the AFM, we refrain from further substantive comment at this time,” AZ reports.

The same article of AZ’s articles of association states that a director is immediately dismissed if he violates those rules.

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Alex Kroes during a chat with Menno Geelen.© Photo ANP/Olaf Kraak

Kroes was employed by AZ from December 2022 to August 2023 as director of international strategy. Then he left for Ajax. However, due to a non-competition clause, he might only start at Ajax on March 15.

Insider trading

Now, barely two weeks following his start, he has been suspended with immediate effect by the Ajax Supervisory Board. The reason for this is that Kroes bought a large package of Ajax shares at a time when he already knew that he would become general manager of Ajax. The Supervisory Board regards this as insider trading, something that is prohibited.

Also see: More detailed story regarding the suspension of Alex Kroes by Ajax