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Founded in 1904 in the north of Mechelen, shortly after its city rival Racing Mechelen, and holder of Belgian matricule 25. Bankrolled by John Cordier and coached by Aad de Mos, it won the Belgian Cup in 1987, then the European Cup Winners' Cup in 1988 by beating holders Ajax 1-0 through a Piet den Boer goal, the European Super Cup against PSV, and the Belgian title in 1989; it remains the last Belgian club to win a European trophy. Heavy debts pushed it into voluntary liquidation in 2002, and a supporter-led rescue in 2003 saved the matricule and its honours at the cost of relegation to the third division.