Lots of takeover talk this week. I have been applying my enthusiasm to things closer to home and those I can control recently, but the Evening Standard printed an article today saying that co-founder of Rubicon Global (which sounds a lot more grand than it really is) Marc Spiegel expects to complete the takeover of Charlton from Thomas Sandgaard on Friday.
We are past the allocated exclusivity period which was the Dane’s cue to banish the last lot, but possibly Spiegel will gain control of the club for what is thought to be £11.6m.
Bloomberg earlier in the week were suggesting that Spiegel was still on the hunt for financial backers, and we also saw the investment document leak that gave us all a good laugh. Although in fairness it did carry more detail and more positivity in terms of funding than the Charlie Methven Anglo American sales pitch which died as did apparently Methven’s plans to sue Thomas Sandgaard.
That SE7 Partners dream had the club valued at £8.5m, but that was for 90% with Sandgaard retaining 10%. How the price has increased and what Speigel will get for his (and others) money is questionable. One thing is for certain is that Sandgaard wants rid especially before the dead summer season and a round of transfer and contract funding.
We’ll see what tomorrow brings, and then if it happens, what Marc Spiegel brings. I don’t know if the Kentuckian has real wealth, and I’d be surprised, but money is only part of it. We need faith, sincerity and ambition restored and that doesn’t cost a dime.
It would be nice to get this take over talk finished and talk proper football for next season must keep Dean Holden though to have any chance of promotion. Here’s hoping.
The difference between what Marc Spiegel is offering and what Methven’s consortium were said to be bidding suggests to me that Spiegel wants 100% of the club and therefore that will end Thomas Sandgaard’s involvement with Charlton.
Assuming the takeover does happen, either tomorrow or in the very near future, then it brings one massive positive and that is the ownership situation is going to be sorted out before the summer rebuild starts. I can’t see any player of any value wanting to sign with questions hanging over the club about who’ll be in control while knowing that the current owner wants out and won’t invest any more money. Equally one or two current players with value might decide not to extend their contracts and could be sold while we can cash in on them.
But I looked into Spiegel’s business history when his name first cropped up, the marketcap of his company suggests that he is less well off than Thomas Sandgaard. Unless he has some other money it means he’s the head of a consortium, the problem is we don’t know who else is in it, how much money they will spend and how much debt the club will be saddled with. We need full transparency on who is involved and not hype about what a great club we are, plus promises about premiership football and sleeping giants etc.
But we have to stay cautiously optimistic, that Thomas Sandgaard is edging towards the door is a start and if some funds are available to spend in the transfer market then we could get a bit of business done before summer training starts and dead season or not the next two months are crucial to whether we’ll be in a position to actually mount a promotion campaign rather than just talk about it. In Chris Powell’s promotion season we had the squad virtually in place before the season started, he even did a lot of work before training started. Bowyer’s promotion season went to the other extreme, with new arrivals coming in before deadline day. While it worked our form was all over the place and it took until late in the season before things really clicked.
Are we expected to be impressed by suitors for the club who need to go to others to raise c£10 plus. In football club ownership this amount is small beer, back pocket cash. It bodes badly for the future of the club that another strapped for cash foreigner gets control. It gets hard to remember we were once a successful well run club and not some sad loser. Aged Addick
This all sounds familiar. Another so so businessman who thinks he can make money from a UK football club with a little bit of help from his friends. Maybe he’s been watching the Wrexham story. Well sorry to break it to you mate, but even charismatic Hollywood stars have had to dig deep. You’re going to have to recycle a hell of a lot of rubbish..
As long as RD retains ownership of the Valley and the training ground, it won’t feel like a fresh start.
Unless, of course, new owner’s decide to relocate?