Charlton 'risk expulsion from Football League' as EFL demand details of takeover

Discussion in 'Sunderland' started by Dave_39, Jul 28, 2020.

  1. Dave_39

    Dave_39 Well-Known Member

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    Charlton fans fear that the club could be expelled from the Football League after the EFL warned their owners to prove the colour of their money or face the consequences.

    The future of Charlton was plunged into doubt on Monday night when the EFL announced that they still require information from owners East Street Investments [ESI] about their proposed takeover at The Valley.

    ESI announced a takeover in January but the deal has yet to be ratified by the EFL, and the group, now led by Paul Elliott, have not proved that they have the money to finance the League One club.


    The EFL issued Charlton with a stark warning of the consequences of those requirements not being met, and there are fears that the 115-year old club could be kicked out of the League amid concerns that the ownership crisis will not be sorted before the start of next season on September 12th.

    Last year a similar situation led to Bury being expelled from the Football League after the EFL ran out of patience with owner Steve Dale when he failed to meet a series of deadlines to prove that the club had the funding to make it through the season.

    In a statement last night, the EFL said that they have written to Charlton to request a meeting and “further information” regarding “ongoing ownership issues”.

    Charlton, who were relegated last week, have said that they would “be in touch” with EFL this morning “with the aim of getting this process concluded”, but ESI have had eight months to supply the information needed by the EFL and the Charlton Athletic Supporters’ Trust [CAST] fear that Charlton could suffer the same fate as Bury.

    CAST are worried about similarities with the Bury situation and say that they are “increasingly pessimistic about the likelihood of Charlton being permitted to take part in League One” next season.

    ESI bought Charlton for an initial £1 from Roland Duchatelet in January and it was announced in June that a consortium put together by lawyer Chris Farnell and led by Manchester-based businessman Elliott had purchased ESI.

    There is scepticism about why Elliott, whose background is in property and hospitality, got involved in Charlton when football was still shut down and clubs feared going out of business. Farnell was Bury’s lawyer when they were expelled from the EFL, eight months after Dale bought the club for £1.

    Elliott says that he has injected “considerable” funds into the club which have gone towards both the ongoing running costs and covering the wage bill.

    Despite the situation, former Addicks chief executive Peter Varney and former Ritz owner Andrew Barclay remain interested in buying the club.

    Varney and Barclay have held talks with Elliot and Farnell, but they say that ESI have not provided them with documents needed to gain a greater understanding of the situation.

    Charlton have been under a transfer embargo since January, when the EFL launched an investigation into ESI after directors Tahnoon Nimer and Matt Southall failed to provide them with documents relating to their takeover.

    The EFL said last night: “It remains the responsibility of the club and any prospective owner or owners to demonstrate that the requirements of the EFL regulations are met. The club is aware of the consequences of not meeting those requirements.”

    Charlton said in a statement: “The club expected the change in ownership control to be approved this week and the transfer embargo lifted.

    “Throughout the extensive communication with the league, the club has received numerous requests for information from the EFL and provided responses to the league as soon as it has been requested. Getting the change of ownership approved is the top priority of everyone at the club and there is no delay on the part of the club.”

    https://www.standard.co.uk/sport/fo...gue-efl-demand-details-takeover-a4510536.html
     
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  2. Sandy Camel

    Sandy Camel Well-Known Member

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    **** that like, hope they get something sorted out. And the EFL needs ripping up and starting anew, got to be one of the most incompetent organisations around.
     
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  3. Dave_39

    Dave_39 Well-Known Member

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    exactly they proven time after time they are not fit for purpose
     
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  4. monty987

    monty987 Well-Known Member

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    but the top 4 in the premier league are untouchable, and Ronaldo, Messi etc lol.
     
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  5. Smug in Boots

    Smug in Boots Well-Known Member

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    How these EFL employees get through 'fit and proper person' procedures is beyond me ...

    ... absolutely useless.
     
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  6. Ozzymac

    Ozzymac Well-Known Member

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    Probably interviewd by Bojo's staff
     
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  7. cumbrianmackem

    cumbrianmackem Well-Known Member

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    We've got to worry that IF we have a new buyer in the wings we don't fall foul of these regulations and allow the EFL any excuse to come down hard on us as well.
    I have an abject dislike for all the football authorities not only here in England but throughout Europe as well.
     
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  8. Nads

    Nads Well-Known Member

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    You’ve got to feel for them.

    Good club and fans, lurched from one to the other, Portsmouth the second showing that the EFL just will not learn and aren’t fit for purpose.

    That’s a really big community club as well, the damage would be massive if they were to disappear.

    You’ve got to have it in the back of your mind that we could easily end up down this route. Incredible that the clubs haven’t tried to break away from the EFL already. The fact they weren’t seen for to look after the big league kind of says it all.

    Look at the delays with the Mags, check after check, question after question. Some might say it’s a joke how long it’s gone on, but my god they are making sure it’s all legit. That Charlton deal was done in days.

    Same formula as Bury, some cat buys club for a quid and can’t fund it. How was this allowed to happen to Charlton in the same season Bury was lost? It’s a disgrace.
     
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  9. SAF(J)C

    SAF(J)C Well-Known Member

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    Have to feel for them, as you would any set of supporters, if their club was going through it.
     
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  10. Sidthemackem

    Sidthemackem The owners of my club don't chop people up!
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    This is exactly the issue. Take the problem away from someone for nothing and give yourself exactly the same problem going forward. It's the old adage. How do you make a small fortune? Take a large fortune and buy a football club...
     
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