EFL reject Elliott & Farnell

The EFL have announced today that three people at ESI have failed their 'Owners and Directors' test.

The three are assumed to be Farnell, Elliot and one other (I don't recall his name) an Egyptian apparently.

I'll post a link to the EFL statement when I find one.

I don't have much idea what this means, but it isn't good.
Any lingering hopes that this ownership crisis wasn't quite as bad as we feared, have been snuffed out.

Apparently The EFL have also blocked Charlton's attempts to buy two players from MK Dons.

More details on that later as well I hope.

 

What does it mean to the club? Are we in the ****?

I’m none the wiser.

 

There are different opinions.

If Nimer & Southall did pass the OADT test, then they are the only approved owners of CAFC.
I guess if Farnell & Elliott and the other rejected bloke won't step down as Directors, Charlton Athletic will be expelled from the Leagues.

And there is still no proof of funds. So no lifting of the registration embargo.
The EFL seem to be blocking the Club's attempts to sign anybody.

 

Seen some videos on Twitter of Charlton fans in Farnells office. They aren’t being aggressive, just asking for answers we all want.

Fair play to them in my opinion.

 

Sounds like administration is our best option.

 

What a sh1tshow this is becoming.

How can you even begin to break down who owns Charlton now.

Nimer sold ESI to Elliott's consortium, so presumably he has walked away.
By all accounts, the Elliott/Farnell consortium have been paying the bills for the last couple of months - who will pay them going forward?

 

They've been paying the bills by borrowing money from some loan sharks, apparently.
If I were them, it wouldn't be a few fans turning up at their offices I'd be worrying about.

According to Companies House Nimer & Southall still own CAFC - last I heard anyway.
But the whole lot of them are scumbags, crooks and vultures.
This is not going to end well. The only mercy is there won't be long to wait now.

 

Here's the BBC's take on this story;

I've been pretty slow in understanding this whole sorry affair, but I think this helps me a bit.

Elliott & Farnell have been trying to buy ESI from Nimer & Southall, but the sale is not complete.
Now the EFL have rejected Elliott & Farnell as potential CAFC owners.
So unless ownership of ESI reverts to Nimer & Southall, or ESI is bought by somebody else,
Charlton Athletic could be expelled.

There is also the grave question of who pays the bills.
So administration could now follow at any point.

And of course we have to wait for appeals to be lodged and processed...

 

Oddly they have only appealed two names Farnelll and Elliot. As Farnell is essentially a lawyer who said he had no plans to remain after the takeover, it would have seemed logical for him to stand aside too. The third, Mihail something, is no longer in the picture.
I also fail to see shy the club will appeal the decision, as these people are not directors. Surely they should appeal themselves not the club? But anyway, they supposedly appealed yesterday. As they stated they would not complete the takeover without EFL approval, an appeal rejection on Monday should hopefully close this section down. At which point, if Farnell is telling the truth, he can facilitate Nimer selling to Varney/ Barclay. Well, we can hope anyway.

 

Who is calling themselves "The Club" anyway?

After all, the Club is not a living entity (in this regard).
It is only composed of its Executives and Directors.
So when we get statements saying "The Club" is doing this or doing that, what does that mean?

Most people would assume it's the Board.
Now I thought Elliott and Farnell are Directors (but not shareholders, as their purchase of ESI is incomplete).

So when the website says "The Club" has appealed, presumably that is just another way of saying Elliot and Farnell have appealed.

 

Lardi, no Elliott and Farnell are NOT Directors of ESI who own Charlton (look at Companies House website) as the takeover of ESI Mk1 by ESI Mk2 was subject to approval by EFL and that was refused on Friday subject to appeal... Elliott and Farnell should have no real management say at CAFC (except for Farnell being an external legal advisor) which is still officially owned by Nimer.

This is EFL's owners and Directors Test
https://www.efl.com/-more/governance/efl-rules--regulations/appendix-3---owners-and-directors-test/
Farnell obviously failed because he is under investigation from a professional body and Elliott must have failed because he is a former bankrupt.

 

Maybe I've been confusing being a Director of ESI with being a Director of CAFC.

My head hurts...

 

Alan Nixon is a complete fecking arse.... I do not know if he gets inside info from Farnell with regard to transfers (non Charlton) but he does seem to brown nose that sorry excuse for a Lawyer!

 

WE HAVE BEEN WARNED

Any stories that appear in The Sun over the next few weeks regarding Charlton - whether or not they are credited to Nixon - should be treated as complete bulls**t.
They are coming from Chris Farnell.

Stories about rescue packages or embargos being lifted, or this / that player being signed.

Tear 'em into squares and wipe your arse with them.

 

Sod off. I have more respect for my arseho/e than to let the Sun touch it.

 

Farnell stepping down as a director of ESI is a positive but rest assured he will still be there prodding away to get the other people on his consortium accepted by the EFL. They can't stand him so he's trying to use plan b to get in. Sadly it's not the last we have seen or heard of him.

 

He can expect some more attention from Charlton fans then I should think.