Sandgaard’s Charlton Athletic takeover talks progress – but Elliott court injunction set to slow proceedings
Thomas Sandgaard’s bid to buy Charlton Athletic has continued to progress despite Paul Elliott seeking an injunction to prevent ESI selling the football club.
Elliott’s attempts to take legal action are likely to slow down a takeover until a court ruling.
Danish businessman Sandgaard had told our paper that he hoped to have a deal in place for the Addicks by the end of this week.
But Elliott – who was announced as ESI’s new owner in June – has made an application for an injunction.
It is understood that the case will be listed, following exchange of evidence, in the coming weeks.
Charlton Athletic director Marian Mihail said: “We have got no comment on ongoing legal proceedings.”
Mihail was brought on to the football board along with Claudiu Florica by Tahnoon Nimer in March.
Both have passed the EFL’s Owners’ and Directors’ Test.
Sandgaard appears to be in pole position to acquire ESI and has signed a non-disclosure agreement (NDA). There are two other parties who have also signed NDAs, one from the UK and one from Turkey.
Charlton Athletic v Reading SkyBet Championship, The Valley, 11 July 2020
Picture by Keith Gillard
Sandgaard has hired prestigious law firm Freshfields Bruckhaus Deringer as he looks to wrap up a deal.
Mihail said: “I’ve had several calls with him [Sandgaard]. He has instructed solicitors in the UK to work on this. We have all been working over the weekend as well.
“We are confident in a positive outcome for the club.”
The EFL announced recently that three individuals had failed their Owners’ and Director’s Test but that two of those had appealed the decision.
It has been widely reported that Elliott was rejected under the OADT.
Since then it has been confirmed that ESI have relieved Chris Farnell of his duties as club solicitor.
Farnell was also removed as an ESI director on August 10.
Charlton Athletic v Queens Park Rangers SkyBet Championship, The Valley, 27 June 2020
Mihail said: “My understanding is that appeals under the Owners And Directors Test (OADT) belong to the individuals.
“The club is the vehicle by which appeals are submitted, just like the applications for the OADT are submitted.
“It is the person making an application but it is the club which is filing it on his behalf.
“We feel that the right of an individual to an appeal cannot be censored by any club, in case they want to be directors next week somewhere else.”
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