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The *Bite Size* Takeover Thread
AFKABartram
Posts: 57,825
You moaned, we listened.
A number have complained that they would rather not wade through the almighty tosh on The Takeover Thread that provides the fat filling from one thin slice of information to the next.
So our mods will run a Bite Size thread for those that just want to cherry picks the latest news and rumours.
We'll start with an update provided by our January Calendar boy, and everyone's favourite poster @Henry Irving
2nd Feb
Richard Murray spoke to staff members in the days before the Walsall game and told them that there is a "preferred bidder" and the takeover may come in February. The term "Preferred bidder" wasn't explained and could be someone has exclusive legal rights to take a deal forward or just someone Roland (or Murray) would rather buy the club.
RM then meet with the Supporters' Trust/CARD on the day of the Walsall game and told them that two parties had completed due dilligence but one was ahead of the other. RM didn't use the term "preferred bidder to CAST/CARD.
Still no confirmation on who these parties are although strongest rumours suggest that they could include:
An bid including Australian Andrew Muir (which is not the same as the AFC consortium who were mentioned back in April 2017 when this thread started)
A bid fronted by Donald Muir (no relation) and Alex McLeish, who's backers are unknown but some suggest they are South African and others British.
@redhenry has said there were four interested parties but this week cut this to three. We don't know who these parties are.
@Airman Brown appears to have some new information but you may have to buy VOTV tomorrow to find out (or read a version on here). His mood some optimistic and he hinted on twitter that it is the Australians who are ahead at the moment.
Richard Murray spoke to staff again this week, this time at the training ground. The SLP reported that he told staff that there "COULD BE" a deal in February but that timescales could shift.
@nth london addick states that no formal offer or offers have been made.
There is absolutely no, repeat NO, evidence that Red Bull are involved.
The transfer window saw no sale of Konsa but also no purchase of any new players. Three players joined on loan. This can, and has, been interpreted as meaning both that a sale is close and that a sale is a long way off. Robinson confirmed that Duchatelet had final sign off on deals on deadline days and rejected bids for Magennis and possibly Fosu and Konsa.
A number have complained that they would rather not wade through the almighty tosh on The Takeover Thread that provides the fat filling from one thin slice of information to the next.
So our mods will run a Bite Size thread for those that just want to cherry picks the latest news and rumours.
We'll start with an update provided by our January Calendar boy, and everyone's favourite poster @Henry Irving
2nd Feb
Richard Murray spoke to staff members in the days before the Walsall game and told them that there is a "preferred bidder" and the takeover may come in February. The term "Preferred bidder" wasn't explained and could be someone has exclusive legal rights to take a deal forward or just someone Roland (or Murray) would rather buy the club.
RM then meet with the Supporters' Trust/CARD on the day of the Walsall game and told them that two parties had completed due dilligence but one was ahead of the other. RM didn't use the term "preferred bidder to CAST/CARD.
Still no confirmation on who these parties are although strongest rumours suggest that they could include:
An bid including Australian Andrew Muir (which is not the same as the AFC consortium who were mentioned back in April 2017 when this thread started)
A bid fronted by Donald Muir (no relation) and Alex McLeish, who's backers are unknown but some suggest they are South African and others British.
@redhenry has said there were four interested parties but this week cut this to three. We don't know who these parties are.
@Airman Brown appears to have some new information but you may have to buy VOTV tomorrow to find out (or read a version on here). His mood some optimistic and he hinted on twitter that it is the Australians who are ahead at the moment.
Richard Murray spoke to staff again this week, this time at the training ground. The SLP reported that he told staff that there "COULD BE" a deal in February but that timescales could shift.
@nth london addick states that no formal offer or offers have been made.
There is absolutely no, repeat NO, evidence that Red Bull are involved.
The transfer window saw no sale of Konsa but also no purchase of any new players. Three players joined on loan. This can, and has, been interpreted as meaning both that a sale is close and that a sale is a long way off. Robinson confirmed that Duchatelet had final sign off on deals on deadline days and rejected bids for Magennis and possibly Fosu and Konsa.
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Comments
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6th February
@Airman Brown states he "has a source who says that a period of exclusivity began nearly two weeks ago."
He goes on to add...
"It’s one source, albeit an interesting one. It would mean, for example, that a party which hadn’t completed due diligence could do so safe in the knowledge that the club won’t be sold from under them while they are doing the work. It could mean that an agreement has been reached in principle but certain things remain to be bottomed out. It gives the buyer confidence that the seller isn’t negotiating with a third party behind their back.
I’ve been separately told that due diligence is complete, i.e. all the issues identified before Christmas have now been resolved.
Some of the “nothing is happening” reports are likely to originate from ex-directors with loans - however, it is possible to do the deal without their consent so there is little reason to bring them in before the end if at all. They don’t have sufficient clout to be the difference between the deal happening or not happening, IMO, (and they don’t speak with one voice, either) which isn’t to say they won’t be offered a deal. Obviously they are all (or most of them) very interested spectators.
My view on this has changed since one of them confirmed to me that the loans can be rolled over without their consent (that is, they can be when no new leases are required, which I understand is the case. The freehold is being acquired with the club)."12 -
7th February
In response to Airman's claim that "all the issues identified before Christmas have now been resolved."
@cafc999 disputes this point (though I suspect on a non-showstopper aspect), stating
"I don't think all the issues have been resolved though as I have heard of at least one group of people have been waiting for small minor issue to be resolved. Hopefully this can get sorted quickly so the takeover has a new lease of life given to it"9 -
7th February
A significant update was provided tonight by Richard Murray at a Fans Forum meeting
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“I have to sign a non-disclosure agreement so that means I can’t reveal names or certain other information.
“As far as I know, and I’m not kept in touch blow by blow, we still have two interested parties, I still believe one interested party is far closer to doing a deal because I think they are very close on price with Roland.
“I think the price now is not going to hold up the deal which has got to be good news.”
When asked if he knew how much the bid was Murray explained he did know but wasn’t allowed to say.
On timing Murray said that he still felt February was the most likely month
“As far as timing is concerned, I did say to our staff down at the training ground that I hoped or thought February was the most likely month. As typically happens, once the transfer window is closed we have an interesting situation. Charlton and probably most clubs in this division, lose a substantial amount of money each month, so the onus is on Roland to do a deal as soon as possible but the onus isn’t so much on the buyer because they can’t influence the club too much other than relaunching it. January ending does remove one obvious good point to get involved.”
When asked if Roland Duchatelet would keep the ground and training ground
“I heard this thing that Roland was keeping The Valley and selling the club, no, not that I’m aware.
“To my knowledge this (the sale) would be lock, stock and barrel.
“The training ground for any buyer is quite key as well. They realise that for a club like us the academy is essential and I think Jason (Morgan, chair of the Charlton Athletic Community Trust) is aware that the Trust is very much one of the assets which they (potential buyers) feel is linked to Charlton and can be expanded even further than it has been already.”
When asked if the new owners would consider a move away from The Valley
“From the talks I’ve had it has never once been even mentioned.”
Murray added he would look to ensure fans remain updated during the process.55 -
8yh February
In response to a view that ‘clearly a deals not been done, a final price and/ or schedule of payments/ contingent payments not agreed.’
@Airman Brown responded with:
“From what I’ve heard it’s further forward than that.” When asked what could be outstanding, he added:
“Don’t know, perhaps the buyer is now approaching the ex-directors to see if that can be tidied up too, but agreement has been reached with RD”26 -
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Wasn't intending this thread to be the @Airman Brown Show, but the boy has been in overdrive in the last two days.
"I have two sources for the fact the buyer and seller have reached agreement. I don’t have 100 per cent confirmation of who the buyer is.
Don’t expect an official announcement yet because there is something to be done that won’t affect the agreement. I would speculate it may be around the directors’ loans, which had not been addressed two days ago, but that’s a guess. The directors’ loans do not need to be addressed to do the deal but the buyer may want clean title on acquisition.
"Price I heard being paid for #cafc was £45m, which is more than twice what Duchatelet paid in 2014. Amazing, really, given he’s done little but undermine the club in four years."17 -
Sale price rumoured to be £45m, although unsure at this stage how much is upfront and tied to long term performance of club3
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Media now picking up on very strong rumours of potential sale of CharltonLife.com to potential new Charlton owners for low seven figure bargain. Deal said to be imm... immn... immini.... imminent.41
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9th February Growing belief that a done deal may not be a ‘done deal’.
@Redhenry states:
“Just heard the takeover is not done. The party I was told about are still in the process. One of the parties was at the club today. This has got at least another week to run“
@Airman Brown responded to an enquiry on whether he knew the individuals he claimed had done a deal
“I’m not saying because I am not 100 per cent confident of the answer. The Australian camp leaks. One source yesterday was from that side. The other came from the legal process - they are consequently very well placed to know when they say it’s a “done deal”, but they have never been willing to elaborate on the identity of the interested parties.
The coincidence of the two, entirely independent of each other, within hours, points to the Australians, but because the Aussie side have jumped the gun before I am still cautious about saying it is them. And I still believe the other party is about”
On being questioned on how it could be ‘done’ if another party was still in play, he added
“From experience I trust the legal source, but I am more wary of the one from the Aussie camp. So one could be right and the other wrong. It’s less likely both are wrong.
Ultimately, things can change. For example I think something RM said to the FF on Wednesday night was already wrong by the time he said it, but I doubt if he knew that.”8 -
Right, it seems the CL takeover has hit a bit of a snag. Apparently, due diligence, which was thought to be completed in just ten minutes yesterday afternoon, has surfaced a few of the mod's recent indiscretions on the 53 night bus, which has dented confidence in their ability to reach consensus on a deal. Oh, and on top of that, there's about seven figures difference between the two parties' valuations of the site. We'll have more as this story develops.28
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17th February
Sadly nothing of any substance has publicly emerged over the last week.
In terms of speculation from CL posters, @Airman Brown states that the legal source who has said the previous week it is a ‘done deal’ is sticking to that, and also suggests that two parties have agreed a price with Roland. There is also some suggestion that that an Australian Group have been seeking investors in the City over the last few weeks.
Elsewhere, @Redhenry said that the last he had heard of the consortium he had knowledge of was that an initial bid had been rejected but they were returning with a counter offer. If Airman’s comment re: two bids being accepted is true, them this could fit.
@palarsehater said that the CEO of one if the clubs sponsors reportedly said that Roland had ‘gone’ and will be announced as soon as Monday
At a slight tangent, @ShootersHillGuru understands that previous plans to introduce an arena to the proposed development on the peninsula has been ‘taken off the shelf’ again and being looked at in more detail.14 -
18th February
An interview with Alex McLeish suggests Donald Muir’s interest in purchasing the club did not progress
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28th February
“Charlton Athletic Director (sic) Richard Murray has said that a price for a takeover of the club has been agreed with two separate parties and that the deal is now with the lawyers.”14 -
Thanks to @DOUCHER for the below summary (I've corrected some of the very poor grammar and spelling mistakes but may not have captured them all given the quantity):
Summary 2.3.18
- February came and went without the desired takeover but Richard Murray had only ever said it was possible not a promise.
- On the last day of February Murray gave another update https://www.cafc.co.uk/news/view/5a96be566a1b3/richard-murray-provides-a-takeover-update-for-fans-as-february-draws-to-a-close
- The statement was ambiguous and led to some dispute on CL but Olly Groome, CAFC Press Officer, later clarified that there are two separate potential buyers in the process.
- Murray's statement said that both had agreed both price and terms and were now working towards buying the club with the respective lawyers. This tallied with the previous news from @Airman Brown of a "done deal" but with work still to be done.
- The two parties remain unknown but one is believed to be an Australian group led by Andrew Muir. Richard Murray had told staff in Early February that there was a British group involved and this was reported in VOTV.
- @Redhenry stated that the non-British and non-Australian, very rich and well known individual was still interested and involved.
- @Redhenry also stated that despite the statement from Murray suggesting that price and terms had been agreed, the situation he had been told was that a price had been set but not yet agreed.
- The identities of Mr Very Rich and the British group remain unknown, at least on the pages of CL.
- There has been speculation that some false stories were given to staff at Charlton to either muddy the waters or to find those leaking news
- Meanwhile The Scottish Group fronted by Donald Muir and Alex McLeish have pulled out according to Alex McLeish due to the high price
- @cafcfan1990 said that he had been informed that Duchatelet had asked the Scottish group for a £5m payment should Charlton get promoted
- The purchaser/s of a large shipment of red and while scarves delivered to the Valley remained unknown but some felt it was significant to the takeover.
- Financial Director David Joyes has now left the club although there was no usual "thanks and good luck statement" on the OS. The club now has no executive directors following the departure of Joyes and previously Katrien Meire.
- WIOTOS and beware rumours from within the club.30 -
Three weeks on from the last update, we finally appear to be approaching the end game (we hope).
Thanks once again to @DOUCHER for the excellent update
22.3.18 Summary
It's been another quiet week in Takeover Land.
Karl Robinson claimed that the takeover was up in air after the defeat to Blackpool although how much that was about diverting attention away from the dismal performance and how much was new information is open to debate.
CARD responding to this and the lack of further information from Richard Murray or Duchatelet by calling for protests from the Rotherham game onward, in both SE7 and Belgium.
@Redhenry had stated that the very rich party he is aware of is still very much in the game.
One comment, believed to be referring Redhenry's party, stated "The deal is mega, chairman already in place"
@Airman Brown mentioned Australians and "Arabs" as being the two parties involved in an article for Talksport.
Richard Cawley has said on Talksport that a takeover is "not far off" but isn't saying who or when.
@Redhenry and @Airman Brown both believe it to be very close with Airman saying that the "intention is Monday" (26/3) and @Redhenry saying it's not "his lot" which suggests it's the Aussies.
Paul Elliot mentioned as new Chairman.
Meanwhile,
Karl Robinson was allowed to leave by mutual consent after revealing that he has twice tried to resign. He is expected to join Oxford United.
Lee Bowyer, assisted by Johnnie Jackson, has been placed in charge of the team.9 -
Summary 11th May
So it seems we have gone a long way to get back where we started.
Andrew Muir and colleagues were in the directors box and around the ground prior to the Shewsbury home game last night (10 May).
An Australian purchase of the club was the catalyst for the takeover thread starting back when Jesus was a cross maker.
Andrew Muir was named as the main money man in VOTV in September and has, according to strong sources, maintained his interest throughout Duchatelet's delays and attempts to find other bidders willing to pay more or pay in a more favourable way. He was most likely the party who thought they had an "imminent" deal in October and the "done deal" this spring. As other parties came and went he has stuck around which shows commitment and perseverance, if nothing else.
Rumours from other, less reliable, sources say that Duchatelet is retaining the ground or part of it and has a 10% sell on fee for young players sold. This would require a change in the lease on the Valley but no evidence has come forward of the 7 former directors, whose bonds would need to be addressed for that to happen, being approached.
Addickted had already alerted us to the Football League being put on standby by Charlton to carry out fit and proper persons tests.
The word from within the Valley at the time was that a deal was moving ever closer and could happen at any time.
Gerald Murphy (suggested new CEO, who was alongside Paul Elliot and Muir in the directors box) was said to have spent all day Wednesday 25 April ensconced in an executive box with Duchatelet's Belgian bean counter, who has been covering for David Joyes departed.
Four of the Aussie group then watched the Blackburn game from an East Stand box, wising to keep a low profile, something that it appears Muir et al no longer feel necessary.
The position of Lee Bowyer, promoted or not, remains unclear and there is still no official announcement or timetable. As ever under Duchatelet, communication with fans is poor or non-existent despite Muir breaking cover last night.
Meanwhile the players have a one-nil deficit to overturn on Sunday. It could be a crucial few days and weeks in the short and long term history of the club.
Thanks to @Henry Irving for compiling the above37 -
A lot going on over the weekend so thought I'd be helpful to everyone and put a little summary together :-)
Summary 21 May 2018
Where to start? Where to finish?
So much information in such a short amount of time and still no absolute clarity.
There having been much talk of "it's all done" and "it will be announced when we know what division we're in" play-off elimination brought no official update and deal still isn't done.
Andrew Muir wasn't at the Shrews away game but his main broker, Gerald Murphy (more of him later) was.
@No.1 in South London reported, after the Shrewsbury defeat, from the training ground that no one in the management or playing staff had any idea of what was happening with the contracts. Kashi had said his good byes, the loanees were all looking elsewhere and Konsa wanted away.
Lee Bowyer thanked the fans for their backing and aplogised for the team's failure on the OS. He made it clear that he was unclear on his future but was clear he wanted the managers job but only the managers job, clearly.
@Airman Brown and Richard Cawley from the SLP appeared to be singing from the same hymn sheet, perhaps because, as Airman later hinted, the Aussies have been briefing the press.
Their news was that the "Aussies expect (my emphasis) to complete #cafc takeover in next two to three weeks maximum, depending on timescale for EFL approval." The Sunderland takeover was cited as a reason for the hold up of the Charlton fit and proper test.
It was also reported that the convicts our antipodean cousins want to re-introduce best practice within the club, including a proper managerial appointment process, and so will be interviewing a range of potential bosses including Bowyer. Also that they will not appoint a manager just because he is Australian, contradicting the rumours of Harry Kewell as as done deal.
@jac52 won the 2017/8 Charlton Life Sherlock Holmes award for discovering that a new UK company, Echidna Acquisitions, had been registered by Gerard Murphy on April 30th with the Australian Football Consortium as the shareholder. This would appear to be a vehicle to be used to buy Charlton Holdings.
Speculation continued that any deal included Duchatelet holding on the the Valley and having contingent payments on play sales. @nth london addick and @Davidsmith re-stated their view that the Aussie "don't have the money" and this was the reason for the delay. The lack of contact with the seven bond holding former directors was given as more evidence that a deal was far from done. Others, namely, @Airman Brown, saw this as less significant as with no leases and no loans against assets, the approval of said directors is not required.
Then this weekend, 19/20 May, there was an avalanche of first hand information from the two main parties. ROT spoke to Duchatelet in Belgium. The Duck Taped one still insisted that there were two parties, British and Australian, involved but said he is selling the whole club including the Valley. He did say he would have kept the Valley but only four of the ex-directors approved this. He is no longer interested in football.
Then @JamesSeed remembered he knew one of the key players in the takeover and arranged a drink with the person who we aren't going to name at Jim's request (although you can work it out if you try).
The detail is on his blog http://jimmyseed.blogspot.co.uk/ but since this is a summary the key points were they hope it will happen this week (commencing today) subject to the EFL. They see it as a long term project and are ambitious for the club to reach the premiership. Delays have been to problems from the Spivs time in charge although they didn't comment about their relationship with RD.
The deal will be for the club, lock, stock and barrel. Roland wants to sell, and isn’t looking to hang on to any assets.
Charlton won't be a nursery club for Australian footballers. If any Australian footballers sign for Charlton it will only be because they are capable of playing at the appropriate level or higher. The target is more potential fans in Oz and the Oz ex-pat community in London.
They have spoken to Bowyer and want to appoint a manager ASAP. SCP also in their sights but Kewell isn't.
They're genuinely looking forward to establishing contact with fans groups like the Museum and Bromley Addicks as well as the Community Trust.
So deal not done but Aussies getting everything in line for when/if it is. WIOCL.
That's all folks but watch this space.76 -
thanks to @Henry Irving for the two following summaries
11 June 2018
Since @JamesSeed told us that potential buyer Andrew Muir was flying back to Oz two week ago there has been much speculation over the progress of the EFL fit and proper test, much of it contradictory.
@addickted said it had been returned but with "two qualifications" although it wasn't clear if these were major or minor issues.
Others, including @Redhenry, said they had heard the test has been failed.
@Airman Brown hinted that there might be some sort of news on Friday 8th June, the day before the club's 113th anniversary but that didn't happen. However the good Airman was upbeat and advised Addicks to "don't panic" The use of the Dad's Army image, rather than a Hitchhiker's Guide to the Galaxy towel was culturally significant but in no way related to any takeover.
With the Aussies predicted two week return happening at weekend just gone (8/9th June) @JamesSeed was able to make fresh contact with his buddy in the consortium. Jim then told us
"I messaged my contact about rumours that the EFL had somehow blocked the sale, but he said they are 'absolutely not true. We are working through the process and are hoping to be in a position to make an announcement later this week.'"
On Monday 11 June Richard Cawley from the South London Spanner tweeted almost the same information regarding a hoped for deal this week but was understandably cautious "#cafc takeover update. It is hoped - and I must emphasise that word - that the takeover will happen this week. But, but, but - there are variables that mean this is not definite."
RC said that RD wants to sell and the Aussie want to buy so the reason for the delay remains unclear. His tweets here
Reports of a overweight Italian lady warming up her vocal chords in Floyd Road have yet to be confirmed2 -
26.6.18 Summary
Since the club's announcement that "Charlton Athletic can confirm that it is expecting a takeover of the club to be completed by a select group of investors linked to The Australian Football Consortium” (page 946) there has been little hard news but some speculation.
The story had been that the deal would be made "when we know what division we are in next season" but six weeks on it is still not done and we're now, as VOTV pointed out, closer to next season than the last.
First rumours appeared that following a first face to face meeting between Gerard Murphy and Roland "why don't you just feck off?" Duchatelet, that had not gone well (Roland furious and swearing when the Aussies tried to low ball him on the price at the last minute) that the deal was "as good as over" but this was refuted by those close to the antipodean camp.
Those at the Valley had reported that all seemed well and that RD had been heard to say that the takeover was "back on track".
Others, namely @nth london addick believed that the Aussies still did not have the required funds and a deadline of this Friday (29 June) had been set
Meanwhile, sales of Konsa and Lennon, reputedly at money off for ready cash prices, fuelled fears that the Belgian genius was prepared to sell anything that moved to raise the ready cash to pay the summer bills. Non-playing staff were told that their posts were under threat, including some who had been loyal supporters of the regime, if other rumours are to be believed.
The £7m of former directors’ loans, raised as debentures in 2010 again became an issue with talk that the fund raising by RD was to buy these out, or at least those from the non-cooperative ex-directors, so that Duchatelet could retain ownership of both the Valley and Sparrows Lane. Again, sources close to the Aussies quickly said that this was incorrect.
Rumours are two investors had been forced to drop out as the EFL were not happy with their connection to other clubs and this had caused a shortfall in the AFC funding and so yet another delay. Keith Harris (Everton board member) was one name being bandied around but the football deal broker would not be a major financial player to the level of Andrew Muir, for example, so his absence seems unlikely to have killed a deal.
The mysterious "other party" which Richard Murray has claimed is English but which VOTV was careful not to give a nationality could still be about but many doubt that they could have come far down the road of due diligence etc with so little information on them leaking and so still doubt their existence beyond being a tool to force the Australians to finalise.
VOTV said "We understand that Duchatelet has set a deadline of this Friday for the Aussies to prove they have the funds and the second week in July for them to complete the deal. "
But if the Aussies either don't or can't meet those deadlines it is far from clear what Roland, still desperate to sell, will do and the Aussies, who have stuck with this for well over a year and invested over £1m, do not appear to be easy to shake off or shake down.
Good news is that someone has stumped up the cash for the depleted squad to have a summer training camp in Portugal and no players have been arrested for at least a week.60 -
Update on 18th July according to CL poster Agim
"From a friend who works closely with the club:
Delay in takeover caused by one of Andrew Muirs investors not passing fit & proper test due to connections with a former club. Newcastle or Everton apparently.
Deal is now complete and is awaiting approval from the FA.
Won't be announced until after Norwich game."
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Summary 22.07.18
So here we are, two weeks away from the new season and still no done deal. Whatever happened to "it will be announced when we know what division we are in"?
What's happened in the past few weeks then?
The fans forum met on 11 July and the minutes from this one agenda meeting can be found here https://www.cafc.co.uk/news/view/5b4642efe6562/club-answer-questions-from-fan-representatives-about-takeover
The meeting was the first public appearance or naming of Lieven De Turck who, as well as representing the club in takeover talks, appears to be acting CEO, FD and head of making ridiculous cuts such as youth team breakfasts and not turning light on during the three days a week he is in the UK.
LDT's statements to the Fans Forum, the supporters' group being much derided in the run up to the meeting but getting an update if nothing else, left people asking for more but according to the regime bean counter:
- The club is satisfied the Australians have the money to purchase the club
- The Australians haven’t been granted exclusivity. It is possible the other party could still purchase the club but they still have certain issues of their own to resolve. The club can’t go in to more detail on these issues because of the NDA
- The sale agreed with the Australians does not include Staprix retaining The Valley or Sparrows Lane.
- There are no issues with regard to former director's loans.
- The only issue holding up the process is EFL approval.
However, the Aussies, according to @Airman Brown, privately dispute that there are no issues with the former director loans although they appear to accept that there is still some paperwork to be signed off by the EFL. What the delay with the EFL is, why it is an issue and when it might be resolved all remain unclear.
It was suggested that Duchatelet had only in June made an offer to the seven former directors and then for only 25% of the value, which was rejected by at least some of them. Airman Brown suggested that at least some of the old directors are in no mind to do any favours for either Duchatelet or Richard Murray, who has £3m of the £7m loan himself, and is still believed by some to be part of a, depending on your outlook, very shy or very mythical, British consortium.
@Davidsmith added weight to this view of the situation when he posted "He (Duchatelet) agreed a deal and said he would sort out those Loans without knowing what Ex Directors would say, unless he was told by one that they wouldn’t be a problem.
Then guess what there was."
@harveys_gardener did some research on the AFC group and found new names attached to the firm although most appeared to be lawyers rather than potential owners. Read more on page 1089 http://forum.charltonlife.com/discussion/77551/sale-of-charlton-pg-946-statement-from-club-expecting-a-takeover-of-the-club-to-be-completed/p1089
A "rumour" that appeared to originate with Colin Sams/Bexley Boy set yet another deadline, this time that nothing would happen until after the Norwich game on 28 July. Why this was the case wasn't made clear.
@Grapevine49 wrote an essay far too long for a summary but still very much worth the read. In essence he debunked the argument, put forward by a few posters, that the Aussies were in anyway responsible for or to blame for the directors loans not being settled. Read it in full here http://forum.charltonlife.com/discussion/77551/sale-of-charlton-pg-946-statement-from-club-expecting-a-takeover-of-the-club-to-be-completed/p1105
Lee Bowyer held an unannounced Q & A at the new kit launch and said that he was meeting with Richard Murray the next day (Friday 20) to learn about progress on the takeover. Lee publicly stated that he didn't feel the uncertainty over the takeover was impacting on player recruitment but he later said that any sale of Josh Magennis was out of his hands.
But with no firm news and little new information that thread continued in what we must now refer to as the @Scoham Takeover Infinity Loop which said poster accurately described as
1. Someone posts they’ve heard the deal may go through next week.
2. Excitement builds as we get close to the deadline.
3. Deadline passes. Nothing is said by the club or reported by the local media.
4. Discussions on here around reasons for the delay amongst more puns, gifs etc.
5. A few agree they have doubts about the Aussies or the deal even going through.
6. Others post that the Aussies aren’t the enemy, RD is to blame etc.
Repeat.
thanks to @Henry Irving for the above summary
15 -
24.07.2018
Following an exchange with @JamesSeed Gerard Murphy from the Aussie Consortium warns of ‘a difficult two weeks ahead’, but also that ‘it’ll all be worthwhile’10 -
28.08.18
Thanks to @Henry Irving for compiling the below
"It’s just a case of the Aussies having completed their due diligence putting an offer on the table and being prepared to wait until it’s accepted or ultimately rejected. Until that point they are completely comfortable with it being on the table. Hence the delay."
That's pretty much what it has been for some time, it seems. At least since May when the Aussies met face to face with Roland at the Valley and the rumours suggested the Aussies offering a lower price.
Like any deal it's not done until it's done; the price agreed by both sides and contracts signed.
It has suited the regime to say that the price was agreed and that it was all down to EFL paperwork because that shifted the blame for the delay on the EFL and the Aussies. The Aussies won't speak because of the NDA, and perhaps because they still haven't completed their consortium, but the EFL are believed to be annoyed that they are being drawn into all of this, hence their sudden interest in speaking to Charlton and CAST. Two different parties are now reporting that the Aussies have completed the EFL fit and proper test with no outstanding issues.
But to summarise Grapevine, Duchatalet is asking for more than all the potential buyers, so far, are willing to pay so all delays are down to him. Read more here http://forum.charltonlife.com/discussion/comment/3304777#Comment_3304777
Any commodity is only ever worth what a buyer is willing to pay. No more, no less.
The Daily Mail is reporting that both the Aussies and the other, third, "Bromley Contingent" group, are both willing to pay "only"£25m. Both have completed due diligence, at least according to the unreliable LDV, the regime's beancounter.
Duchatelet can carry on waiting for them to either up their bids or hope for another party to appear (the publicity shy British group perhaps) who will cough up £35m. But so far no one has done that and various other parties have walked away after looking at the books.
The suggestion that it is overheads such as cleaners' hours or the cost of bottled water were what the putting off buyers rather than the £10m gap in valuations is laughable. In any case, any sensible buyer would want to make their own changes to expenditure and budgets and not leave it to an incompetent seller.
The £7m of debentures from the old directors remain unresolved according to @Davidsmith the offer for 25p in the £ from Duchatelet having been rejected. The bonds could be rolled over but that would leave the new owners in a difficult position if they want to issue new leases or borrow against the assets, which is common practice.
The perceived value of the club will have only declined after missing out on promotion and the sale of players while crowds drop and income reduces. The recommencement of the protests, (and the £100ks of publicity garnered for the price a few hundred crisp packets), the withheld bonuses, the writ from Footscray Rugby Club combined with other local traders who have been "knocked" by Charlton in a desperate attempt to avoid expenditure all point to a club in disarray with only more to come. The staff bonuses issue doesn't look like it is going to go away.
Meanwhile, the Roland Out Today (ROT) party are taking the fight to Belgium by putting up a candidate in the October local elections in St Truiden.
Any potential buyer will smell the weakness and stand their ground on the price knowing that Duchatelet continues to lose up to £1m a month.
Meanwhile Tony Keohane another senior manager at the Valley HR head Lungi Macebo are both reportedly overseas on holiday. During the season, at the same time while Rome burns! At least Lungi's company car hasn't been removed as part of the cost cutting.
Lee Bowyer is still a caretaker manager and Charlton have not paid a fee for a player this season despite losing 15 players and selling Konsa and Magennis for fees. As the end of the transfer window approaches the reinforcements that Bowyer badly needs are still yet to sign and the team are 14th in league 1.58 -
Summary 17.9.18
Out thanks again to @Henry Irving for compiling the latest update.
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Seems like ages since the last summary but it's only three weeks.
In that time a rumour that Alisher Usmanov, Britian's 2nd richest man, was about to buy the club got people excited for all of 24 hours before the man himself scotched it. https://www.liverpoolecho.co.uk/sport/football/football-news/aisher-usmanov-set-invest-london-15121780
In typical Charlton from the sublime to the ridiculous style, a few days later a hanger-on to Fawaz Al-Hasawi posted a photo on social media of his boss/meal ticket being shown around the the Valley by Belgian bean counter Lieven De Turck (LTD). The Kuwaiti's disastrous mis-management of his previous club was quickly highlighted by fans of Nottm Forest. Word, via Richard Cawley of the SLP, quickly came that there was no takeover likely from this party either but nothing official was said by either CAFC or Fawaz himself.
The EFL are due to meet the Charlton Supporters Trust on October 17. This meeting promoted another of Duchatelet's "unique" press statements https://www.cafc.co.uk/news/view/5b97c64820f09/club-comment-ahead-of-upcoming-meeting-with-efl
CARD were quick to respond https://twitter.com/charltoncard?lang=en
De Turck's assertion that Roland and the Aussies have "a deal fully agreed and just need to submit final papers to the EFL" was undermined by Shaun Harvey, CEO of the EFL, who stated to a small delegation of protesting Charlton, and Blackpool, fans that "no one is waiting for any @EFL response on any Charlton takeover".
Harvey also told @davo55 and some other bloke that he would be meeting with Roland Duchatelet in the next few weeks and that he had already spoken to him at some unspecified previous time.
Meanwhile an article in @valleynick66 and @Cafc43v3r 's favourite fanzine, VOTV, had a source "involved" with the Australian consortium claiming that the real sticking point was not any EFL paperwork but a gap as much as £15m between Duchatelet's asking price and what the Aussies are ready to pay.
That source is saying that the Wizards of Aus are only willing to pay £25m against an asking price of £40m and also do not believe that the 2nd group (the so called British group that LTD claimed has completed due diligence), exists.
The Aussie source added that they now regret the joint statement made in June as it was used to deflect attention.
However, VOTV also has a former non-executive director source, speaking anonymously, who is "adamant" that the British group does exist. This ex-director's take was that this British group always expected the Aussie bid to fall apart and were previously confident of "picking up the pieces" but that they too will walk if Duchatelet does not drop his price.
VOTV also reports that while LDT continues report that the old director loans are not an issue there has been no further approach to the old directors, owed £7m in total, since the 25p in the £ offer was rejected in June 2018.
VOTV also comments that the bid from the party signposted to the club by Peter Varney, known as the Bromley Contingent, did not progress past the initial due diligence stage because of the price. A lot more flesh on these bones in the current VOTV for £2, available from all good chemists.
On the playing side the end of the transfer window, plus some good results, forced Roland's hand in making Lee Bowyer permanent first team manager although Lee's nine month contract may not seem very "permanent" to many.
The club still has no CEO and the staff bonus dispute remains unresolved while stories of unpaid bills to local suppliers are rife. Roland Out Today continue to take the protests to Duchatelet and plans to stand in the local elections in St Truiden are progressing.6 -
18.09.18
Charlton issued the following statement on their Official site yesterday:
Charlton Athletic owner Roland Duchatelet will meet EFL representatives next month.
The EFL requested a meeting to gain a full understanding of the current situation that surrounds the club.
Duchatelet will be joined by Lieven de Turck who is representing the club in takeover talks.
Selling the club remains Duchatelet’s number one priority.
As referenced at two recent Fans’ Forum meetings (August and July) an Australian consortium have a deal agreed and just need to submit final papers to the EFL. The club doesn’t know when the final documents will be lodged and de Turck remains in regular contact with representatives of the consortium. As previously referenced a price is also agreed with the second party that have completed due diligence. It should be noted that the lack of progress in any change of control at the club is not as a result of the parties waiting for the EFL to process the necessary documentation.
In addition to the aforementioned groups, other parties have shown interest and de Turck is managing any negotiations.2 -
01.07.19
From the pen of Mr @Henry Irving
De Turck said at the Fans Forum before last that the then three interested parties (British - Dalman maybe or perhaps not, Aussie/Indian/US and "international - perhaps Dalman again or maybe Chinese) were all "eager" to get the deal done by the end of June, which is the end of the financial year for CAFC and nearly all clubs.
We are still waiting on the full minutes, which should include De Turck's responses to the questions about the takeover, from the FF meeting last week. Some previous attendees have issued their own notes, just saying.
30 June is also the end point of most player contracts and close to when players return to training.
From this SOME people started saying that the deal would be done on 1 July or that it was done and would be announced on 1 July but none of those rumours came from the club or the potential buyers.
There was speculation that Mehmet Dalman (investment banker, car salesman and Cardiff Chairman) was close to a deal, mainly from the Welsh media but he was none committal. He didn't deny he was interested in Charlton either.
According to Airman Brown "Dalman is the party reported by the Evening Standard in March to have offered RD £30m on a take it or leave it basis. His issue now MAY be about transparency rather than price, that is he may want more assurance about potentially hidden liabilities than RD/LDT have been willing or able to provide."
Prague Addick said that he heard that a new (ie 4th party) had expressed interest since Wembley and was from "his neck of the woods" ie middle Europe but country unspecified.
Prague Addick also said that this 4th middle European party had been told that other buyer/s (not named) had been given until 2 July to agree a takeover otherwise the new party would be allowed a make a quick run at it.
So if we accept this to be correct (and I'm not doubting Prague but Duchatelet is a proven liar and irrational) then it is POSSIBLE that a deal could be done today or tomorrow although there is no guarantee that it would be announced officially.
It is also POSSIBLE that no deal is reached with an existing party by 2 July and so the 4th Middle European buyer will have a chance to make a quick purchase in which case we are unlikely to hear anything for a few weeks.
At various points Dalman has been reported to have "walked" although the sources haven't been very reliable.
The Aussies have also been said to have walked at various points but again sources have been unreliable. Jimmy Seed says the Aussies have not walked presumably as this is what his contact Gerald Murphy (broker for the Aussie/Indian/US group) is telling him.
I heard that at the time of the Bowyer will he/won't he stay fiasco the club checked with at least one potential owner that they were happy to take on the liability of Bowyer's new deal, which they were.
We don't know who, other than Andrew Muir, is backing the Aussie/Indian/US group.
We don't know who the British group is although there is an assumption that it is Dalman. We don't know who else would be financing the deal with him.
The museum did say they were showing some Aussies around the ground on 2 July which is a fact but completely unrelated to the takeover. We're open 11.00 to 2.30 and it's free entry.
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