The Cawley article contains an interesting bit of information, or at least makes clear something that seemed to me to be a bit vague. Each shareholder has to have two years money to keep Charlton going in proportion to their shareholding or they don’t get the nod from the EFL. In back of an envelope terms if the club loses 10 million a year (20 over two years) and Mr Methven has a 10% share, then he has to prove he is good for 2 million over the next two years. I would expect the EFL to have some kind of method where that 20 million is locked away in a vault of some kind for two years (accumulated in proportion to shareholding) and those monies are released at need by some kind of burser. Now I know with my business ignorance it probably doesn’t work quite like that, maybe somebody can clarify how indeed it does work. What stops somebody showing they have funds for the future, but not fronting up when the need arises?
I don’t think the EFL lock the funds away in some sort of high security vault in Preston! I would imagine you just need to demonstrate sufficiency of funds for the duration (I.e you have adequate liquid assets to cover your share of the running costs)
Correct - proof of sufficiency of funds is all that is required, not the funds up front locked away in some escrow account.
Does that lead to a risk if shareholders are called on to make good their promise but they refuse, or melt away when that time comes?
If the club, like any other business, fails to pay the bills as and when they fall due then they are insolvent and the EFL can take action.
Which presumably means points deductions and fines.
In that scenario I imagine a few of us will watch and study each and every shareholder like a hawk in order to get an early warning that a points deduction might be coming down the track.
I know that sounds negative, but it also seems to be reality.
In my defence I repeat that I was the first person on CL to warn about the Southall takeover, it was at a time when a lot of people were urging the EFL to hurry up and approve him. My warning back then was about sufficiency of funds.
Predictably I was roundly castigated by other CL posters as being negative, many of whom were probably chanting ‘we’re effing rich’ soon afterwards.
Cheer up lad
Congratulations on your graduation. I hope the ceremonials were really nice. If I am right in remembering what you posted I reckon you qualify as a lad much more than me. I qualify as a miserable old git.
Thank you. Sadly, the ceremony doesn't start until this evening. I have a long day of waiting around before the excitement begins. At least the takeover has put me in a good mood.
Enjoy it. I have been to some graduation ceremonies as a family member (I actually didn’t attend my own one back in the day even though it was the Queen Mother and the Albert Hall and all) and in terms of the catering in rank order:
Best Merton College Oxford Then Bristol University Then Royal Holloway
and much worse has been
Christ College Cambridge and University College London (particularly poor).
Merton College is so rich it has it’s own vineyard FFS!
This is going to be a loooonnng day if we have to wait for the Earth to rotate through all the time zones from Greenwich Mean Time to whatever o'clock applies in Singapore, to get all the signatures!
Always assuming, of course, the FA has got all its ducks in a row to approve the sale of the Charlton Women team.
The official announcement cannot align with us sitting in a clapped out caravan park, which hopefully means something this afternoon with sufficient detail attached to it to get us all chomping at the bit. Most will remain sceptical, we have seen our club abused once too often in recent years for us not to be cautious, but signs are more positive, what appears greater autonomy for management to bring him who they deem fit, with an improved budget. These two things I like a lot, if the club are staffed suitably and the same ‘no d*ckheads’ rule as DH applies to his squad applies to the whole set up, I think we will be in a much happier place.
I would love to see the return of some of our loyal and talented previous CAFC employees, but that may be too much to ask and secondly, none of them would probably want it after TS et al’s treatment.
Come on you reds…!🔴⚪️
Agree with this. I feel positive about this takeover. Much more so than the previous several (and that's not just said with the benefit of hindsight). The anticipated return of a more professional off-the-pitch leadership structure will be transformative I think.
Methven told the Dossier that all the consortium was grouped together under the Global Football Partners name, partly to satisfy EFL.
When do you plan to publish the interview, Richard - now or when the Club formally announces the takeover is complete?
CM hasn't actually embargoed it until EFL/CAFC announce officially, but some wise counsel are suggesting it might be better to wait until one of them do. It's frustrating that it's been semi-announced like this, but it's lunchtime here so I guess there's nothing to lose by waiting a bit.
If this was a house buying analogy have 'we' exchanged contracts and now have the keys in our possession after all the checks. Perhaps I should say Flat buying because obviously we don't own the freehold.
You wouldn't think being competitive in the 3rd tier was too much to ask for 🤷🏻♂️
Methven told the Dossier that all the consortium was grouped together under the Global Football Partners name, partly to satisfy EFL.
When do you plan to publish the interview, Richard - now or when the Club formally announces the takeover is complete?
CM hasn't actually embargoed it until EFL/CAFC announce officially, but some wise counsel are suggesting it might be better to wait until one of them do. It's frustrating that it's been semi-announced like this, but it's lunchtime here so I guess there's nothing to lose by waiting a bit.
Methven told the Dossier that all the consortium was grouped together under the Global Football Partners name, partly to satisfy EFL.
When do you plan to publish the interview, Richard - now or when the Club formally announces the takeover is complete?
CM hasn't actually embargoed it until EFL/CAFC announce officially, but some wise counsel are suggesting it might be better to wait until one of them do. It's frustrating that it's been semi-announced like this, but it's lunchtime here so I guess there's nothing to lose by waiting a bit.
That's fair enough.
Actually in addition I see that I also shouldn’t release it out of respect to Rich Cawley. I briefed out the most interesting quotes from CM to a small group of journos including Rich, but asked them to respect an embargo til an official announcement. He hasn’t used any of the material I gave him in his article, when to do so would have given it a lot more meat, so I have to assume he’s respecting the embargo and won’t be impressed if I break it myself.
Comments
I have been to some graduation ceremonies as a family member (I actually didn’t attend my own one back in the day even though it was the Queen Mother and the Albert Hall and all) and in terms of the catering in rank order:
Best Merton College Oxford
Then Bristol University
Then Royal Holloway
and much worse has been
Christ College Cambridge
and University College London (particularly poor).
Merton College is so rich it has it’s own vineyard FFS!
Note the subscription service! Might be a more sound investment than a football club.
Always assuming, of course, the FA has got all its ducks in a row to approve the sale of the Charlton Women team.
Agree with this. I feel positive about this takeover. Much more so than the previous several (and that's not just said with the benefit of hindsight). The anticipated return of a more professional off-the-pitch leadership structure will be transformative I think.
It's frustrating that it's been semi-announced like this, but it's lunchtime here so I guess there's nothing to lose by waiting a bit.
buy on the rumour, sell on the fact!
You wouldn't think being competitive in the 3rd tier was too much to ask for 🤷🏻♂️