Charlie Methven-led group threaten legal action after Thomas Sandgaard pulls out of takeover talks
Charlie Methven’s group have issued a statement over Thomas Sandgaard ceasing takeover talks and warning they could be set to take legal action against Charlton’s owner.
The South London Press broke the news on Friday that US-based Dane Sandgaard had decided a deal for the League One club was off.
The news comes amid claims that Sandgaard could be about to entire into negotiations with another interested party.
And we also broke the news that Peter Storrie is set to come in as CEO.
Methven’s group had been instrumental in bringing in COO Jim Rodwell, technical director Andy Scott and finance director Ed Warrick. The trio have left their positions.
Methven and his associated co-investors have released the following statement:
Statement from Charlie Methven and associated co-investors: “Our group refutes Thomas Sandgaard’s claim last Friday, February 10 that we are in breach of the signed agreement to buy Clear Ocean Capital, the holding company of Charlton Athletic.
“We were expecting to complete the deal last Thursday February 9. a substantial deposit had been paid, the agreed purchase price had not changed, the money required was in the relevant bank accounts and ‘owners and directors test’ applications had been lodged with the EFL. Our clear legal advice is that we are still in exclusivity to complete the purchase and we still expect to do so imminently, as stipulated by the agreement of December 20 signed by Mr Sandgaard.
“We note Mr Sandgaard’s statement that he has been conducting discussions with other potential investors and had been working on “a Plan B”. Such actions were, and are, in contravention of the exclusivity agreement, and any third party participating in such discussions would be committing tortious interference, for which the penalties are significant.
“We note also Mr Sandgaard’s removal of the entire senior management of Charlton Athletic, also in contravention of the December 20 agreement. This, together with attempting to renege on the deal, has introduced unwelcome uncertainty and instability to the club and its’ fans, after a brief period when a competent management team had started to plan constructively for the club’s future.
“We urge Mr Sandgaard to complete the signed deal he previously agreed without the necessity for legal action.”
Sandgaard was at Charlton’s match on Saturday, a 2-1 loss against Fleetwood Town.
He told our paper on Friday: “I can’t say a lot until this point, it was best to keep it under wraps. I had signed a long-term sheet with that group that was led by Charlie. There was some very specific terms that were very clear at the end of January and coming into February that they didn’t comply with. Those were really the key items in the deal.
“So this morning I told Charlie I can’t keep doing this, that’s why that deal is off.
“But everything is good in that we are moving forward and have a plan B. I think actually that everything is looking up for the club. If you look at the football side then I think Dean Holden is doing pretty good. I’m very happy about the job he is doing – very aligned. And I think he has said that publically. It’s a good working relationship.
“Everything is good in camp Sandgaard, if you want to call it that. I didn’t suddenly pull out of a deal. It was a group that simply didn’t adhere to the terms and for quite some time did not do that. They didn’t fund anything – it’s still on me.
“I know they were very interested at getting into the club but if you can’t stick to the terms that you set up the original deal with then there is really nothing there. Eventually I had to say this can’t continue.”
PICTURES: PAUL EDWARDS