Friday 10 February 2023

Methven-led takeover collapses

Richard Cawley reports: ' Sounds as if the Methven-led takeover has collapsed. And that all the people brought in by him - barring Dean Holden - have left Charlton. Trying to find out more.'

Cawley has added: 'Methven's group say price was agreed at £8.5m for 90 per cent of the club. And that deposit paid and banks funded. Then they got a letter from Sandgaard saying "I've decided not to proceed."

Thomas Sandgaard has confirmed that he called off the deal because of a failure to comply 'with very specific terms'. He says that he has a Plan B:

Sandgaard said: "I know they were very interested at getting into the club but if you can't stick to the terms that you set up the original deal with then there is really nothing there. Eventually I had to say this can't continue."

He also says that a stronger contract will be offered to Dean Holden.

According to Ben Ransom of Sky: 'The consortium consisted of Gabriel Brener - who holds a stake in the Houston Dynamo - and Joshua Friedman.' Friedman is the co-founder of Los Angeles based hedge fund Canyon Partners.

VOTV website editor Rick Everitt has commented: 'Lots of questions about this. You don’t get that far down the line without some kind of commitment. Contracts get exchanged. Costs are incurred. In this case, people in the building.'

The Ramsgate-based fan added: 'Unfortunate that we had to waste two months on them, although Dean Holden has been a big bonus. Charlton will not thrive without new ownership so it’s time for Sandgaard to engage with serious bidders.'

I was never an enthusiast for this takeover which looked like a poorly assembled package led by chancers. As one fan commented, 'we have dodged a bullet.' However, it does leave the club in something of a vacuum, particularly given that Thomas Sandgaard is understandably preoccupied with his seriously ill mother in Denmark.

I also thought it might have run into trouble with the EFL. Like the Premier League and Manchester City, they have an incentive to show that they can regulate themselves with the Government poised to publish its own regulation proposals.

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