EFL issue statement on Charlton Athletic – confirm “restriction embargo” as funding proof not supplied
BY RICHARD CAWLEY
The EFL have issued a statement on Charlton Athletic – confirming that East Street Investments failed to provide proof of the funding needed to run the club until 2021.
The Addicks have been rocked by a breakdown in the relationship between majority shareholder Tahnoon Nimer and executive chairman Matt Southall.
Syrian businessman Nimer has used social media to deny he has stepped down as a director and vowed to remove Southall from his position. He has also indicated he will not put any more investment into the Championship club until changes are made at the club.
The EFL’s statement said: “The EFL notes the concerning developments, including a number of unhelpful media comments, emanating from Charlton Athletic over the past 24 hours.
“The league has been working closely with the relevant parties since an initial application for a change of control was made.
“The relevant parties were notified in January that they were eligible under the provisions of the owners’ and directors’ test in accordance with EFL regulations.
“In parallel, the EFL had also made clear the requirements in respect to the source and sufficiency of funding necessary to fund the club until June 2021. Those matters remain outstanding.
“As a result of not receiving the required information the club was placed under a registration embargo and that position remains as the EFL seeks assurances that the necessary funds are available and for that funding to be placed in the club.
“The EFL’s position has been reserved and it is considering with its external advisors what further action should be taken under its regulations. The EFL will make no further comment at this time.”
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On what date was the registration embargo introduced?
I have had my doubts over this takeover from day one, it looked too good to be true. This revelation clearly shows why we made no major signings in the January window and the uncertainity is clearly having its effects on the field. The last home performance was a shadow of the performances at the begining of the season which is not suprising. If Nimer owns 65% of the shares he can do what he likes and does not need the consent of other shareholders so why has action not been taken. We are still not being told the whole truth!