http://www.cafc.co.uk/newsview.ink?nid=36314Charlton Athletic plc announced on Tuesday that Richard Murray has agreed terms with his fellow plc board directors and bondholders for the purchase of shares in Charlton Athletic Football Company Ltd and Charlton Athletic Holdings Ltd which will see him assume sole control of the football club.
Murray said: "This has been a critical time for the club. Our future was uncertain, and financially this was potentially one of our darkest hours.
"However, agreement has been reached with my fellow directors for me to take sole control of the club through what is effectively a management buyout (MBO) of the plc subsidiaries. The new money I am injecting into the club will ensure we go into the new season with a competitive team.
"I shall be appointing a new interim board of directors, and we will now go forward and actively seek new investment.
"To assist with this, I am appointing Tim Fisher, of Calimere Point, to work with me on devising an investment strategy for the club. Calimere Point has played a key role in this agreement, and I thank them for their sound management of the MBO process.
"Chief executive Stephen Kavanagh provided key support throughout this time of uncertainty, and Steve and I will work very closely going forward. I would also like to thank Stuart Butler-Gallie, the plc's independent non-executive director, for his efforts in reaching this agreement.
"There is still a lot of work to be done. We will need the approval of the shareholders of Charlton Athletic plc, which will be sought at an Extraordinary Meeting of shareholders, which is likely to take place in early August.
"I am very grateful to Derek Chappell, Sir Maurice Hatter, David Hughes, David Sumners, Steven Ward, David White and Bob Whitehand that, together with me, they have agreed to restructure and reduce the company debt, which in itself should make the club highly attractive to potential investors.
"This is a tremendous gesture on their part and I am grateful to each and every one of them for their past support and for the action they are taking now in the interests of the football club they all love.”
Murray added: "I would like to reassure all our supporters that this is an immensely positive forward step and an important part of the process of rebuilding our club. For my part, I will work tirelessly to achieve future success for the club.
"This is a pivotal point in the club's history and we need our fans to passionately support the team, as they have done in recent years, and join us in taking forward the club we all care so much about.”
Comments
I'm sure some conspiracy theorists will read more into this than me but I am glad it's all in one place now
I await Mr N Gray's thoughts with interest.
Will wind up the Murray haters too which can only be a good thing,
Now, if you can afford it and haven't done so already back the Club by buying a season ticket.
'many miles have I travelled......'
Meaning the debt is vastly reduced? To the level of just our mortgage?
Meaning we are far more attractive to (an) investor(s)
And with investor confidence so fragile that's probably more than half the battle.
I've said for a while it's felt like "too many cooks"... now we see.
Thank You Mr Murray and all those who have invested/assisted.
Come on you reds!
I know he has made a few mistakes in the last couple of years but i don't think anyone can doubt his comitment to the club
Let's hope we can attract new investment now.
I remember that miserable thrashing by Millwall at Upton Park, makeshift team and management, and since then we have a great stadium, a thrilling footballing period for the club, a bigger and deeper lying supporter base, and an overall better club. If the man who steered us from there to here is taking action, even if it leads to him selling up sooner rather than later, then for the first season in a few years I will be going to the Valley optimistic, and able to relax and enjoy the football once again.
I am going to now persuade my son's mate, purported Liverpool fan, but frequent companion to the Valley in the past couple of seasons, to get £75 sorted and buy a season ticket and we can now really get behind the lads to climb up from this current dip. Our season tickets arrived today, and now this news....
#When the Red Red Robin....~
I thought the boy Muzza always owned us
Derek Chappell, Sir Maurice Hatter, David Hughes, David Sumners, Steven Ward, David White and Bob Whitehand all put money into us to keep us afloat what does that mean to them
Confused Enfield
However wasn't Murray saying not so long ago that he has basically run out of funds to invest in the club, and would require security if he was to put more in (i.e. The training ground)? I can't see us suddenly buying players again because of a management buyout.
Also it will remove a lot of the obstacles for someone else to come in and take us over (which from the sounds of it is a major reason for it occurring. In some ways it could make us more unstable if we receive approaches to take us over.
All in all though, Murray is a Charlton legend and noone in their right mind will want to buy a football club at the moment so good news
I think this is very positive of first glance.
We're all supporters of CAFC and everyone seems to be pulling in the right direction to do what's best for the club and not the individual.
I hope we as fans can do the same.
I suspect our shares are a negligible proportion of the whole, so he won't need them but will want to keep up the strong relationship between fans and club.
I reckon this is truly excellent news.
whay this is such good news we know RM has limited funds
personally i couldnt have wanted a better owner but what does it all mean and why is this better for potential owners
Some one any one expalin it simply
a) Murray has given more to the other Directors than they would've got from any investors
b) Murray will lose the most money in the long-term
c) A takeover is imminent
Two big reasons jump out to me that could raise investor confidence and therefore the attractiveness of CAFC.
1. If the other directors have accepted inferior returns on their investment, this represents a dramatic reduction in club debt, "internal" or not
2. RM will now be in sole control, the figurehead, working under a streamlined business model = less time and money in meetings/negotiations, less paperwork, less dallying, less trying perhaps hopelessly to find unanimity amongst a dozen plus board members