Thomas Sandgaard has confirmed that he end takeover talks with Charlie Methven’s group – with the Charlton Athletic owner claiming they “didn’t comply” with “very specific terms”.
We broke the news that the deal was off.
Methven led the appoints of COO Jim Rodwell, finance director Ed Warrick and technical director Andy Scott. The South London Press has been told the trio have all left but manager Dean Holden, under contract until the end of the season, is still in his job.
Sandgaard told our paper: “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.”
Asked about Holden’s situation – and the fact the Addicks boss appeared to be also brought in under the recommendation of the potential new owners – Sandgaard, when asked if the boss could leave, said: “He is on a whole different contract and, as a matter of fact, we are talking about making that a new and stronger contract.
“Both parties like that position. I think he likes it too. We’re working on that, it’s totally separate.”
Former Charlton chief executive Peter Varney also has an interested bidder who had not been able to step in while Methven’s bid was in a period of exclusivity.
Asked about talks with other parties, Sandgaard said: “Yeah, yeah – for quite some time I’ve been looking at different ways of getting more investments into the club other than just my own money. There’s a lot I’m working on that hopefully will strengthen our position coming into the summer.”
There had been speculation that the US-based Dane’s finances might be stretched. But he said: “I’m doing just fine. 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.”
Mathven’s group say that a price was always agreed at £8.5million for a 90 per cent stake in the football club and that deposit was paid and banks funded.
They add they then got a letter from Sandgaard saying he did not wish to proceed.
Subscribe to Blog via Email
Everyone at the South London Press thanks you for your continued support.
Former Housing Secretary Robert Jenrick has encouraged everyone in the country who can afford to do so to buy a newspaper, and told the Downing Street press briefing:
“A free country needs a free press, and the newspapers of our country are under significant financial pressure”.
If you can afford to do so, we would be so grateful if you can make a donation which will allow us to continue to bring stories to you, both in print and online. Or, please make cheques payable to “MSI Media Limited” and send by post to South London Press, Unit 112, 160 Bromley Road, Catford, London SE6 2NZ