Potted history of Beerschot (cobbled from Wikipedia):
1899 Founded
1921-39 7 times Belgium Champions.
1971-79 2 times Belgium Cup winners.
1997 Belgium Cup winners.
1999 Dissolved due to financial problems whilst in 3rd division. Merged with Germinal Ekeren who were a 1st division club.
2005 Belgium Cup winners.
2013 Dissolved, merged with KFCO Wilrijk to continue.
2013/14 Belgium Provincial winners 2014/15 Fourth division Champions
2015/16 Third division Champions
2016/17 1st Amateur League Champion
2017/18 finished 3rd. Lost in end of season play offs.
2018 HRH arrives
2018/19 finished 2nd. Lost in end of season play offs.
2019 Name change to just Beerschot
2019/20 finished 5th. Promoted in end of season play offs.
2020/21 finished 9th in Jupiler League.
2021/22 relegated last in Jupiler League.
So you can see where the issue of reality vs expectation will hit bumps in the road.
On one hand, fans see a club that historically won 7 league titles (albeit 2 iterations ago and 80 years back) and 4 times Belgium Cup winners (through 2 prior iterations). The latest iteration raced through the leagues due to the large fan base by Belgium standards that Beerschot brings. Also the Board made the decision to sell Tissoudali, one of Beerschot's most influential players in January 2021 for 750k as he could leave for nothing in the summer (this season 25 goals, 8 assists in 46 overall games for Gent). This coincided with Hector Lozado leaving for MLS, the manager. The manager hasn't been well replaced and the perception is that neither has the player. As an outsider, football fan but also someone who works in finance, I can see both sides to the latter predicament, though it also seems if they'd been quicker to offer a deal he may have stayed (thought we don't know the $ requested). There is also the perception that the recruitment was poor, misplaced or not enough.
On the other hand, from the owners perspective, here is a club that has twice been declared bankrupt in the past 23 years. Clearly something has to be done to address sustainability. Presently it has modest training facilities and a ground it doesn't own. Already building blocks are in place for a new €7m training facility, jointly helped by local grants. Aside from the decisive issue of Tissoudali, in 20/21 they spent €3m on 2 strikers (Eleke and Suzuki), a million euros on the defence in Radic and Van den Bergh and brought in Coulibaly, selling nobody else of significance. This past season, they spent €1.2m on Shankland, €700k on a young Greek centre half Konstantopoulos, €150k on attacking midfielder Vaca and €200k on lesser spotted left winger Krekovic and a few loans including one former La Liga player, Lemos and de Smet from Ligue 1 Reims. The strikers just haven't come off, though Shankland has improved.
From the Board's side, it's not as if they went in and asset stripped. It's not as if they went in and spent no cash and they probably would argue better to lose Tissoudali for €750k than for nothing. From 2013, the reformation, the most they had spent was €15k on a player until the Prince arrived.
Like with all things what goes on the field overshadows most things or enhances them.
The problem is also that since the days of Beerschot winning leagues or cups, the face of Belgium football has changed. Look at the teams (order by gate size):
1. Club Brugge (21k, pos 2nd)
2. Standard Liege (17k, 14th)
3. Gent (17k, 3rd)
4. Anderlecht (16.5k, 3rd)
5. Genk (14k, 5th)
6. Royal Antwerp (13k, 6th)
7. Mechelen (10.5k, 7th)
8. Union Saint-Gilloise (7.5k, 1st); bankrolled Tony Bloom of Brighton
9. Sporting Charleroi (7.5k, 6th)
10. Zulte Waregem (7k, 16th)
11. Beerschot (6k, 18th)
12. OH Leuven (6k, 11th); owned by Leicester's King Power
13. Kortrijk (5.5k, 13th); owned by Vincent Tan, Berjaya, Cardiff City
14. Cercle Brugge (4k, 10th); owned by Monaco
15. Oostende (3.5k, 12th); owned by Chien Lee*
16. Sint-Truidense (3k, 9th); owned by DMM com, links to Japan
17. Eupen (2k, 15th); owned by same owners as PSG
18. Seraing (2k, 17th); satellite club of FC Metz (Ligue 1, for now!) and intriguing links to Doyen (remember them?)
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www.asser.nl
*Chien Lee is part of Pacific group which has Kaiserslautern, AS Nancy, FC Thun, Den Bosch, Esbjerg, Oostende and Barnsley
Point being, Beerschot are (were) in a somewhat skewed league to prosper.
They are half way up in terms of support, but beneath them, the 7 smaller clubs' capabilities are falsely inflated as they are bankrolled by 3 Ligue 1 clubs, 1 PL club, 1 global conglomerate of 7 clubs with a Chinese billionaire as it's head, a Japanese Electronics and Forex trading company and one of Malaysia's richest men.
Belgium football is saturated with foreign influences so when you do spend almost 5m in your striking department, you can't have none of them really coming off.
In summary, the owner has a difficult task as the Belgium league is far more complex under the surface, but money on the team has to be better spent. Most fans have little interest in excuses no matter how valid they may be, though you can't condone expressing like yesterday.