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Takeover Not Imminent - Richard Murray Statement (8/11/10)

edited November 2010 in General Charlton
On CAFC website
The Charlton board has responded to speculation linking the club with a potential takeover.

Richard Murray took sole control of the club in August and publicly made clear he was intending to seek further investment.

However, despite a series of reports over the weekend, the Addicks chairman insisted on Monday that no deal was imminent.

"I have made no secret of the fact that we are actively seeking new investment in the club, and that process continues,” said Richard.

The Charlton board has responded to speculation linking the club with a potential takeover

"We have appointed Calimere Point, and Tim Fisher, to advise the club on potential new investment, and we have constant conversations with interested parties.

"But, while we note the recent press speculation, we'd like to make clear to supporters that no deal is imminent."

Murray added: "Having been involved with Charlton for so long, the future of the club is paramount in my thoughts, and the identity of any new owners or investors is of huge importance to the board and I. They have to be right for the board and the club.

"Our recent form on the pitch has been good, and obviously the better our league position, the more attractive the club becomes.

"When we are in a position to provide more information regarding possible takeovers or anything else, the club will announce it via its usual channels. We're committed to being as open as possible with fans, but we're not going to issue a statement every time there is some kind of rumour."

That kind of kills any immediate takeover in my opinion.
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Comments

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    When it's on the OS....
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    doesn't mention rejecting a Sainsbury bid though.
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    smokescreen.....they are doting the i's and crossing the t's on it as we type..
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    Good on them TBH everyone should all relax now

    Unless its like the mgrs kiss of death when the board publicly back him, and he is sacked in the morning

    i guess it could mean that we will be takenover by lunch ;-)
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    [cite]Posted By: LargeAddick[/cite]doesn't mention rejecting a Sainsbury bid though.

    Quite right LA. The Beeb report we reject a bid from Seb Sainsbury.....official site doesn't even mention them....strange or is RM just being economical with the facts?
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    Until Dan Roan tweets it i won't believe it's not imminent....
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    I'm feeling a bit more confident about the club's future right now.

    if we were in dire straits and likely to go into admin, Murray would (have to) sell to anyone to keep the club afloat.

    seems like we either have a better offer somewhere down the line or Murray can keep the club going as it is for a bit longer.
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    [cite]Posted By: LargeAddick[/cite]doesn't mention rejecting a Sainsbury bid though.

    Maybe Dan Roan is trying to save his reputation as a "respected journalist". I suspect that Sainsbury told Roan a "deal was close" and Roan swallowed it. Now Roan has to have an excuse to fall back on.
    [cite]Posted By: nth london addick[/cite]Good on them TBH everyone should all relax now

    Unless its like the mgrs kiss of death when the board publicly back him, and he is sacked in the morning

    i guess it could mean that we will be takenover by lunch ;-)

    What is your "reliable source" saying?
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    [cite]Posted By: Redmidland[/cite]"When we are in a position to provide more information regarding possible takeovers or anything else, the club will announce it via its usual channels. We're committed to being as open as possible with fans, but we're not going to issue a statement every time there is some kind of rumour."

    Well I am glad the club has announced that it wont be issuing statements in response to rumours, in response to a rumour started by Dan Roan.

    Good to have a clear stance on these things.
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    BBC - League One side Charlton Athletic have rejected a takeover bid from a group led by Swiss-based fund manager Sebastien Sainsbury.

    A senior source at the club said the offer had not provided proof of funds.

    Sainsbury, a member of the supermarket dynasty, fronted a failed attempt to buy Leeds United in 2004.

    Former Leeds United and Cardiff City chairman Peter Ridsdale has denied recent press speculation he is involved in a rival US bid for the Addicks.

    Remember - I told you about this a couple of weeks ago - thanks for those who took the P - not gloating - just saying if you want people to stick their neck out and share info, they will stick it back in if people (even if a small minority) insinuate they are not being honest and make sarky comments which is incredibly frustrating.
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    edited November 2010
    Muttley, you're not doing yourself any favours.

    The comments I saw were not calling you dishonest but were doubting Sainsbury's ability to provide proof of funds. It seems that they, if Roan is to be believed which I still find hard, have been proved correct.

    Numerous people pointed out that Sainsbury was a chancer with a track record of not being able to back up his bids with actual £££££ and the same has happened again according to Roan at least.

    IMHO it has been Sainsbury feeding Roan along so we can take the whole thing with a pinch of salt. Charlton have not said that they rejected Sainsbury. Maybe he never even made a bid.
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    My first question when I was told about SS's intentions was about his plans. I was told that the plan involved some investment in new players though nothing amazing and teh business plan was around us being a Championship club. I also wanted to know more about SS and was told that he was very enthusiastic about Charlton and genuine. When the loan fell through I said he wouldn't be going away but I am suprised he has bid so quickly, thought it would take longer. I don't expect this is the last we are going to hear about this. SS is clearly not going to want to pay RMs asking price so there is bound to be some posturing. As long as it doesn't affect things on the pitch - which it shouldn't - could be quite interesting.
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    [cite]Posted By: MuttleyCAFC[/cite] SS is clearly not going to want to pay RMs asking price so there is bound to be some posturing. As long as it doesn't affect things on the pitch - which it shouldn't - could be quite interesting.

    Or SS can't raise the asking price and it's him doing the posturing.
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    Henry - we got different impressions then - fair enough - just narked me a bit thats all.
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    Just an update taken from he Beeb, which I hae copied below, however there 'appears' to be a further bid from a US based consortium, being advised by Citibanks Sports finance unit Bradley Rangell. Make of it what you will -

    " Former Leeds United and Cardiff City chairman Peter Ridsdale has denied recent press speculation he is involved in a rival US bid for the Addicks.

    That bid is being advised by Bradley Rangell, the managing director of Citibank's sports finance unit.

    Rangell, who has been involved in a number of high-profile takeovers in American professional sport, has previously made attempts to buy Cardiff City and Hull City."

    It also goes onto say that the e Sainsbury bid has split the board about the structure of the finance again I have copied it below-
    "Sainsbury's interest in the club first came to light when he registered a takeover vehicle called Charlton Athletic 2010 Ltd in July.

    BBC Sport understands his offer has divided opinion on Charlton's five-man board with at least two directors concerned about the level of borrowing involved"

    Interesting to read if nothing else!
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    By Dan Roan and Matt Slater
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    edited November 2010
    From BBC website

    By Dan Roan and Matt Slater

    League One side Charlton Athletic have rejected a takeover bid from a group led by Swiss-based fund manager Sebastien Sainsbury.
    A senior source at the club said the offer had not provided proof of funds.

    Sainsbury, a member of the supermarket dynasty, fronted a failed attempt to buy Leeds United in 2004.

    Former Leeds United and Cardiff City chairman Peter Ridsdale has denied recent press speculation he is involved in a rival US bid for the Addicks.

    That bid is being advised by Bradley Rangell, the managing director of Citibank's sports finance unit.

    Rangell, who has been involved in a number of high-profile takeovers in American professional sport, has previously made attempts to buy Cardiff City and Hull City.
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    More info but not the full story. Still a lot more questions than answers IMHO

    "That bid is being advised by Bradley Rangell, the managing director of Citibank's sports finance unit.

    Rangell, who has been involved in a number of high-profile takeovers in American professional sport, has previously made attempts to buy Cardiff City and Hull City. "


    So attention switches from Sainsbury to Rangell if, and it's a BIG IF, Roan is to be believed.
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    Did he not mean Rangell was advising Sainsbury?
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    It's possible- I got to hear about this from him trying to raise the funds which ultimately fell through - was told not to expect that to be the end because he is determined to get us - more than just speculation was told there was a real passion there. Mind you same could be said for Hulyer. May also be RM being cautious and the bid being less than his valuation - we need to wait and see and not jump to conclusions one way or the other which you seem to be doing a bit Henry. i did ask my contact whether he thought SS would be good for us, bad or neutral and he said definitely good.
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    Rangell has been involved in a lot of 'sports' deals over the years ... seems to be highly regarded at Citibank
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    [cite]Posted By: MuttleyCAFC[/cite]Henry - we got different impressions then - fair enough - just narked me a bit thats all.

    fair enough, it's something that is vital to the Club we all love so passions will run high but just don't accept what you hear SS is saying as complete truth just as we should exercise some healthy caution over statements from the Club.
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    Full story from the BBC :

    League One side Charlton Athletic have rejected a takeover bid from a group led by Swiss-based fund manager Sebastien Sainsbury.

    A senior source at the club said the offer had not provided proof of funds.

    Sainsbury, a member of the supermarket dynasty, fronted a failed attempt to buy Leeds United in 2004.

    Former Leeds United and Cardiff City chairman Peter Ridsdale has denied recent press speculation he is involved in a rival US bid for the Addicks.

    That bid is being advised by Bradley Rangell, the managing director of Citibank's sports finance unit.

    Rangell, who has been involved in a number of high-profile takeovers in American professional sport, has previously made attempts to buy Cardiff City and Hull City.

    Charlton Athletic are currently owned by a company called Baton 2010 Ltd, which is controlled by club chairman Richard Murray.

    A life-long fan of the south-east London club, Murray was forced to restructure Charlton Athletic this summer when Charlton Athletic plc was effectively wound up with debts of more than £30m.

    Charlton Athletic Football Company, which owns the players, and Charlton Athletic Holdings, which owns the Addicks' stadium The Valley and the training ground, were transferred to Murray's new company in August.

    Murray has made no secret of the fact Charlton Athletic need to find new investors and he recently told a meeting of shareholders in the now worthless plc that £5m is required this season to avoid administration.

    Murray has appointed UK sports finance specialists Calimere Point to advise the club on potential new investment and has said he is involved in "constant conversations with interested parties".

    But in a carefully-worded statement on the club's official website, Murray has told supporters that "no deal is imminent".

    "Having been involved with Charlton for so long, the future of the club is paramount in my thoughts," Murray added.

    "The identity of any new owners or investors is of huge importance to the board and I. They have to be right.

    "When we are in a position to provide more information regarding possible takeovers or anything else, the club will announce it via its usual channels.

    "We're committed to being as open as possible with fans, but we're not going to issue a statement every time there is some kind of rumour."

    Sainsbury's interest in the club first came to light when he registered a takeover vehicle called Charlton Athletic 2010 Ltd in July.

    BBC Sport understands his offer has divided opinion on Charlton's five-man board with at least two directors concerned about the level of borrowing involved.

    After seven consecutive seasons in the Premier League, the Addicks were relegated to the Championship at the end of the 2006-07 campaign and went down to League One in May 2009.

    The Addicks have been the subject of considerable takeover speculation over the last two years.

    In October 2008, they received an offer from Dubai-based consortium Zabeel Investments but the deal collapsed soon after, and last year they were linked with a bid from former Newcastle United colleagues Dennis Wise and Tony Jimenez.
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    Cutting edge journalism.
    Read the club website and write an article.
    The only suprise is that it takes two of them!
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    [cite]Posted By: MuttleyCAFC[/cite]It's possible- I got to hear about this from him trying to raise the funds which ultimately fell through - was told not to expect that to be the end because he is determined to get us - more than just speculation was told there was a real passion there. Mind you same could be said for Hulyer. May also be RM being cautious and the bid being less than his valuation - we need to wait and see and not jump to conclusions one way or the other which you seem to be doing a bit Henry. i did ask my contact whether he thought SS would be good for us, bad or neutral and he said definitely good.

    As you say I think SS is closer to Hulyer than Randy Learner.

    Don't know what the asking price is but the club was sold for £2 (two pounds) a few weeks ago. The issue will be any buyers ability to cover £4 -5m loss this season and prove that they have the money to sustain the Club medium term. Something SS has failed to do both here and at Leeds.
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    I think that Muzza and co are showing excellent due dillegence by not just jumping into bed with the first chancer that comes along.


    fills me with confidence that the current board will only do what is right for our club.


    Put up or shut up to all parties involved,

    especially the journos
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    Not good for the squad all this public rumour planting and hyped up speculation. Not good for us either. But unsettling the squad, yet again, seems to be a very good tactic for anyone wanting to drive the price down. I'm not liking this at all, way too Machiavellian for my tastes.
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    So considering Murray is the outright owner, for the board to be "split" if Roan's claims are correct, there must be additional levels of protection in the Articles of Association or more likely a shareholders' agreement that empowers board members above their standard level of power. That makes things a bit more complicated than they were dressed up in the summer. Obviously that inference is based on the claim of a split being both correct and of practical importance.
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    Muttley

    Obviously you know a bit about Mr Sainsbury.

    It would be great if you could contribute to the thread "What do we know about Sebastian Sainsbury?". At the moment, the balance of anecdotal information there tends to give a negative impression of him in respect of our club. Anything you could say to counter-balance or refute some of those things would be welcome. If he comes again, as you predict, so will that thread. We will have a resource available which will save us from repeating it all in other threads, and will help us all focus.
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