Charlton AthleticSport

Charlton Athletic takeover takes big step forward after SPA agreement

Charlton Athletic could soon be under new ownership after the Joshua Friedman-led group signed a sales purchase agreement (SPA) to acquire the club off Thomas Sandgaard.

The South London Press was told that US-based Dane Sandgaard had put pen to paper yesterday evening.

It now means that Friedman’s party need to obtain EFL approval for their bid to be the new owners of the League One club.

An SPA is a legally binding agreement which is a significant step in the process.

Friedman’s bid also involves the financial backing of Gabriel Brener.

Sandgaard had been in a period of exclusivity with American businessman Marc Spiegel but that failed to reach a resolution.

Friedman’s party then had an improved offer accepted last month and have been in negotiations ever since.

Part of the EFL process is that any bidder has to deposit enough money to run a football club for two years into an escrow account.

Each individual involved also has to pass the EFL’s owners’ and directors’ test.

Friedman is the co-founder of Los Angeles-based hedge fund company Canyon Partners.

California-based Brener was the controlling owner of MLS side Houston Dynamos.

The Friedman group will also need a lease agreement sanctioned by Roland Duchatelet, who owns the freehold to The Valley and the club’s Sparrows Lane training ground.

“Charlton Athletic can confirm that a deal has been agreed for SE7 Partners to purchase the football club,” said a statement on the Charlton website.

“A share purchase agreement (SPA) has been signed by the club’s current owner Thomas Sandgaard and SE7 Partners. The club and SE7 Partners will work with the EFL to meet its requirements before approval for the takeover is granted.

“The club and SE7 Partners group will communicate with supporters as soon as the takeover is complete.”

Charlton CEO Peter Storrie said: “A deal has been agreed and a share purchase agreement has been signed by Thomas Sandgaard and SE7 Partners. We’ll now work with SE7 Partners and the EFL to meet the league requirements, which is a process that can take some time.

“In the meantime, the day-to-day running of the club will not be impacted. Our preparation and recruitment for the 2023-24 season is well under way. We have our targets for our men’s team and our women’s team. Led by Dean Holden and Karen Hills, those plans continue to progress and will not be halted while we await the approval. The aim is to put the club in the best position to achieve our targets for next season – a top-six finish for the men’s team and further progression for the women’s team.”

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