Charlton chief executive Peter Storrie: Final part of takeover process is a formality

Charlton Athletic chief executive Peter Storrie has described SE7 Partners’ takeover of the club as “a new start”.

The EFL and FA have both approved SE7 Partners’ bid.

Former Sunderland part-owner Charlie Methven, right, pulled together the group, who had initially been trying to buy the League One club off Thomas Sandgaard since the end of last year.

Only standard legal procedures remained to be completed when our paper went to press.

“It’s a new start,” Storrie told the South London Press. “I know they’ve had so many in the past, but hopefully this is successful.

“It’s another milestone in the history of Charlton. It’s the end of Thomas’ era, subject to the legal formalities in the next few days, and a start of a new era under SE7 Partners – Charlie Methven and his group.”

Asked if the takeover should be completed by the end of next week, Storrie added: “I think it will probably be earlier than that. There is a framework but there are two sets of lawyers…so dare I say any more! I’m sure both parties – buyer and seller – want to get it concluded now. They are legal formalities and hopefully they will be as quick as possible.

“The documentation is approval documentation from the FA, a similar type of thing but in a different format from the EFL. That has now gone to the lawyers – that triggers the technical completion. Then with these things you have got share agreements, shares, transfers and resignation of directors etc etc. There is all this legal documentation that needs to go on.

“They are formalities. It has been approved – that was the legal status as far as the SPA was concerned. That has been completed.”

Storrie will be with the club until the end of August.

“They’ll have their own people they want to bring in and I’ll help as they want me to help over the next little while, my time will come to an end pretty shortly,” said the former West Ham and Portsmouth chief executive.

Charlton have made four signings in the summer transfer window.

“There was an agreed cash flow for the month of June and July and that incorporated the transfer side of it and player wages,” said Storrie. “As long as we kept in those cash flow parameters then both parties were quite happy to sign things on.

“We’re still looking at a couple more signings at the moment to conclude soon. That, again, is all within tha agreed cashflow position.

“They are all good signings we’ve made. I don’t think the squad is too far away now from one that is capable of changing. Once we bring a couple more in that will give us a good basis to go forward. I may not be around but will put Charlton on the list of one of the clubs who I look out for their results, I can assure you of that.”

PICTURE: PAUL EDWARDS