Thursday 29 December 2022

Texans invited to take $75k stakes in Charlton

Rick Everitt has stated: ‘Sandgaard is aiming to sell 80% of Charlton for £11.3m, but contributions as small as $75k are being sought from small investors in Texas (by the potential purchasers, not Sandgaard), which suggests group lacks serious funds and no Valley purchase is likely.

Potential small investors are being told of recent appointments (including Rodwell, Warrick, Holden, Scott) and also that major cost reductions are feasible following bad management.

My take on the latest info is that the intention here is to flip Charlton - there would be some short-term spending but the cost-cutting claims being made (no doubt for the benefit of gullible Americans) are absolutely risible as a business plan.’

Another contributor on Twitter stated: ‘Potential investors are being asked not only to buy in, but also to take on a share of the annual losses.   I can’t imagine many people falling for that, nor blithely accepting glib references to cost reduction opportunities.’

This all looks ramshackle to me and confirms my view that nothing significant is imminent.  However, Everitt has subsequently stated that Sandgaard has signed a deal with the Methven group including an exclusivity deal for due diligence.

Based on what I saw in the Netflix series on Sunderland, Methven is not good news.   Like all old Etonians, he has excessive confidence in his own good judgment.

The esteemed Drinking During the Game blog has unearthed another man of many parts hanging round the club, Simon Lenagan whose father was at one time the owner of Oxford United:

It is difficult to say whether this is a tragedy or a farce, probably both.

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