Monday 13 February 2023

Methven group warn Sandgaard of legal action

Richard Cawley reports: ' It seems like there could be some kind of legal challenge coming from Charlie Methven's group about Thomas Sandgaard ending their takeover talks.'

“Our group refutes Thomas Sandgaard’s claim last Friday February 10 that we are in breach of the signed agreement to buy Clear Ocean Capital, the holding company of Charlton Athletic. We were expecting to complete the deal last Thursday February 9: a substantial deposit had been paid, the agreed purchase price had not changed, the money required was in the relevant bank accounts and Owners and Directors Test applications had been lodged with the EFL.'

'Our clear legal advice is that we are still in exclusivity to complete the purchase and we still expect to do so imminently, as stipulated by the agreement of December 20 signed by Mr Sandgaard. We note Mr Sandgaard’s statement that he has been conducting discussions with other potential investors and had been working on “a Plan B”. Such actions were, and are, in contravention of the exclusivity agreement, and any third party participating in such discussions would be committing tortious interference, for which the penalties are significant.'

'We note also Mr Sandgaard’s removal of the entire senior management of Charlton Athletic, also in contravention of the December 20 agreement. This, together with attempting to renege on the deal, has introduced unwelcome uncertainty and instability to the club and its’ fans, after a brief period when a competent management team had started to plan constructively for the club’s future. We urge Mr Sandgaard to complete the signed deal he previously agreed without the necessity for legal action.'

VOTV website editor Rick Everitt has commented: 'I’m calling bullshit on this statement from Methven, as the exclusivity expired on January 31st. Only reason they got a few days more in situ was a family issue for Thomas Sandgaard which was rightly his priority until last Thursday.'

Background on the situation at Charlton and possible options can be found here:

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