Charlton are poised to be the next club to fall into administration, with a takeover bid on the brink of collapse because of debts of up to £40m.
A group of local businessmen who had been in talks about a £30m buy-out were alarmed to discover the extent of the League One club's liabilities.
A source close to the bid said last night: 'The club are going through a slow, painful death. In strict business terms, a club with 10 fewer points, but millions of pounds less debt would be a far more attractive proposition.'
http://www.dailymail.co.uk/sport/football/article-1199063/Charlton-brink-40m-debt-set-scupper-takeover-bid.html?ITO=1490
Hope it's BS
Comments
If it's true, it can wait until Monday.
And if it's bollox, then I've read the Mail before (but I prefer no one knew that, because its a miserable depressing rag even on a good day).
Mick Collins will know.
Mick is it true - or bollox?
Best case scenario is that the statement attributed to someone 'close to the bid' is a final attempt to exert pressure on the existing board to get a more favourable deal for the would-be new investors who are on the point of wthdrawing unless they can wring further financial concessions on the sale...
just when you think we've hit rock bottom, there's another level.
We all know that the vast majority of our debt is "friendly" i.e owed to the current directors. Murray has already made noises that the directors are going to write off a large amount of what is owed to them.
Why would we be signing new players if we were on the brink and about to go into administration?.
Everyone untwist your knickers and stop worrying.
When you feel the panic coming on remember that most of us would wipe our arses with our hands before we used the Mail.
If this is true it sounds like they would like us to go into administration so that they can but us on the cheap
if we go bust we should form a breakaway team and work our way back up. we could call it A.F.C. Charlton A.F.C.
;0)
'We all know that the vast majority of our debt is "friendly" i.e owed to the current directors.''
If the 40m figure is correct -and it seems not improbable - then it is not true that the ''vast majority'' of that is so-called friendly debt, is it?
A simplistic notion I know but:
If we were about to go into administration why would we be heading of on a 7 day tour of Ireland? I am guessing the costs associated with a 7 day tour for a pro-football club a pretty high - training facilities, accomodation, travel, team building activities etc etc
The £40m isn't on record anywhere, my understanding from a recent FF meeting, that most of the debt is director debt (about 80%) the rest is a long term debt on the stadium, so I'm wondering where the additional £20m has come from for the mail to report on?
'We all know that the vast majority of our debt is "friendly" i.e owed to the current directors.''
If the 40m figure is correct -and it seems not improbable - then it is not true that the ''vast majority'' of that is so-called friendly debt, is it?[/quote]
If the 40m is true.........very big if that.
Don't know (or care) whether this head in the sand stuff is aimed at me.
According to the Mail we have suddenly acquired a staggeringly high level debt, which dwarfs anything which anyone believed the level to be.
Clearly, we have been employing accountants with mafia experience who have covered all this up. 40m is not documented anywhere and the board are on record as saying 80% of the debt is owed to them.
It appears that some are hard-wired into believing that the club are liars and the press are the deliverers of truths.