Charlton Athletic ownership could take fresh twist as legal challenge set to be lodged over ESI transaction

BY RICHARD CAWLEY

The future of Charlton Athletic has taken a fresh twist – with the South London Press understanding there could be a legal challenge to the takeover deal agreed between East Street Investments and Roland Duchatelet.

The only third party who appears to be in a position to take such a measure is the club’s former directors.

A total of £7million is owed to seven ex-directors which is payable should the South London club return to the Premier League.

But when ESI negotiated with Duchatelet in January they only acquired the football club – with the freehold of The Valley and their Sparrows Lanes training ground staying under the Belgian’s control. ESI said they had a “legal obligation” to acquire the club’s remaining assets within six months.

Duchatelet then put a charge over the lease and other fixtures and fittings.

The question is whether he was able to do that considering that the former board members already had a charge in place.

The South London Press has been told that at least some of the ex-directors are requesting that ESI’s takeover be voided as they did not consent to the sale and that the terms of their charges have been breached.

If they are successful then it could see the takeover deal unpicked and Duchatelet being back responsible for the running of the Championship outfit.

Tahnoon Nimer, pictured above, is the majority shareholder of ESI. They have yet to see their takeover approved by the EFL who have been waiting on source and sufficiency of funding since January.

JMW Solicitors, used by ESI in the negotiations and who became Charlton’s club lawyers, have ceased their relationship.

Nimer’s lawyer Chris Farnell has not responded to calls from the South London Press.

4 thoughts on “Charlton Athletic ownership could take fresh twist as legal challenge set to be lodged over ESI transaction

  • 18th March 2020 at 11:21 am
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    This just gets worse, day after day.

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  • 18th March 2020 at 12:20 pm
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    I know, as usual, rumours abound, but this does not sound encouraging as it could be the start of a protracted to and fro re legal matters. Normally, that could take some time to resolve. That time could be lengthened due to the Codit-19 virus currently sweeping the world and would not help Charlton’s plight. However, let’s not lose sight of the fact that as important that CAFC is to me and thousands of others, surviving this coronavirus is the priority. Although an early resolution to this problem might give a lot of people a nice boost !!

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  • 18th March 2020 at 3:14 pm
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    Did JMW cease their relationship with Charlton before or after last Thursday?

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    • 18th March 2020 at 11:00 pm
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      The challenge by the former directors for funds owed to them, Which appear to be bypassed by every one shocking ! this is a crass mishandling by ESI, no doubt Nimer was not aware and was soft soaped by the former ESI director (now sacked) Securitisation of any debt is lesson 1 of Banking.

      Reply

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