Will TS send us a farewell message wishing us all the best and saying he had the clubs best interest at heart, which I think he did at the beginning but unfortunately totally underestimated the dosh 💰 required to fulfil the pipe dream he had?
Methven told the Dossier that all the consortium was grouped together under the Global Football Partners name, partly to satisfy EFL.
are you being serious with this? that doesn't sound like a situation which would benefit the club at the moment ?
I’m not being anything, I’m reporting what CM has told me. As you’ll see from what he said in May the initial structure looked pretty messy to me, and certainly wasn’t going to work when the consortium expanded further during the following weeks. I’m not surprised the EFL wanted it cleaned up. It’s also good that, as someone reported earlier, the EFL has insisted on every “relevant person” presumably everyone with 10% or more, has had to make specific funding assurances.
What is it that concerns you? Possibly some misunderstanding, due to me having the advantage of knowing what the original structure was, but not being able to discuss it.
The Cawley article contains an interesting bit of information, or at least makes clear something that seemed to me to be a bit vague. Each shareholder has to have two years money to keep Charlton going in proportion to their shareholding or they don’t get the nod from the EFL. In back of an envelope terms if the club loses 10 million a year (20 over two years) and Mr Methven has a 10% share, then he has to prove he is good for 2 million over the next two years. I would expect the EFL to have some kind of method where that 20 million is locked away in a vault of some kind for two years (accumulated in proportion to shareholding) and those monies are released at need by some kind of burser. Now I know with my business ignorance it probably doesn’t work quite like that, maybe somebody can clarify how indeed it does work. What stops somebody showing they have funds for the future, but not fronting up when the need arises?
I don’t think the EFL lock the funds away in some sort of high security vault in Preston! I would imagine you just need to demonstrate sufficiency of funds for the duration (I.e you have adequate liquid assets to cover your share of the running costs)
Correct - proof of sufficiency of funds is all that is required, not the funds up front locked away in some escrow account.
But I wouldn't be surprised if there was an investors agreement that achieved the equivalent of an escrow account to limit their individual exposures to funding the losses. Might be question that could be thrown in given the small investors may not be so safe a bet.
The Cawley article contains an interesting bit of information, or at least makes clear something that seemed to me to be a bit vague. Each shareholder has to have two years money to keep Charlton going in proportion to their shareholding or they don’t get the nod from the EFL. In back of an envelope terms if the club loses 10 million a year (20 over two years) and Mr Methven has a 10% share, then he has to prove he is good for 2 million over the next two years. I would expect the EFL to have some kind of method where that 20 million is locked away in a vault of some kind for two years (accumulated in proportion to shareholding) and those monies are released at need by some kind of burser. Now I know with my business ignorance it probably doesn’t work quite like that, maybe somebody can clarify how indeed it does work. What stops somebody showing they have funds for the future, but not fronting up when the need arises?
I don’t think the EFL lock the funds away in some sort of high security vault in Preston! I would imagine you just need to demonstrate sufficiency of funds for the duration (I.e you have adequate liquid assets to cover your share of the running costs)
Correct - proof of sufficiency of funds is all that is required, not the funds up front locked away in some escrow account.
Does that lead to a risk if shareholders are called on to make good their promise but they refuse, or melt away when that time comes?
If the club, like any other business, fails to pay the bills as and when they fall due then they are insolvent and the EFL can take action.
Which presumably means points deductions and fines.
In that scenario I imagine a few of us will watch and study each and every shareholder like a hawk in order to get an early warning that a points deduction might be coming down the track.
I know that sounds negative, but it also seems to be reality.
In my defence I repeat that I was the first person on CL to warn about the Southall takeover, it was at a time when a lot of people were urging the EFL to hurry up and approve him. My warning back then was about sufficiency of funds.
Predictably I was roundly castigated by other CL posters as being negative, many of whom were probably chanting ‘we’re effing rich’ soon afterwards.
Cheer up lad
Hey Proper lad…who’s the investor then who’s already a Charlton fan ?
The Cawley article contains an interesting bit of information, or at least makes clear something that seemed to me to be a bit vague. Each shareholder has to have two years money to keep Charlton going in proportion to their shareholding or they don’t get the nod from the EFL. In back of an envelope terms if the club loses 10 million a year (20 over two years) and Mr Methven has a 10% share, then he has to prove he is good for 2 million over the next two years. I would expect the EFL to have some kind of method where that 20 million is locked away in a vault of some kind for two years (accumulated in proportion to shareholding) and those monies are released at need by some kind of burser. Now I know with my business ignorance it probably doesn’t work quite like that, maybe somebody can clarify how indeed it does work. What stops somebody showing they have funds for the future, but not fronting up when the need arises?
I don’t think the EFL lock the funds away in some sort of high security vault in Preston! I would imagine you just need to demonstrate sufficiency of funds for the duration (I.e you have adequate liquid assets to cover your share of the running costs)
Correct - proof of sufficiency of funds is all that is required, not the funds up front locked away in some escrow account.
Does that lead to a risk if shareholders are called on to make good their promise but they refuse, or melt away when that time comes?
If the club, like any other business, fails to pay the bills as and when they fall due then they are insolvent and the EFL can take action.
Which presumably means points deductions and fines.
In that scenario I imagine a few of us will watch and study each and every shareholder like a hawk in order to get an early warning that a points deduction might be coming down the track.
I know that sounds negative, but it also seems to be reality.
In my defence I repeat that I was the first person on CL to warn about the Southall takeover, it was at a time when a lot of people were urging the EFL to hurry up and approve him. My warning back then was about sufficiency of funds.
Predictably I was roundly castigated by other CL posters as being negative, many of whom were probably chanting ‘we’re effing rich’ soon afterwards.
Cheer up lad
Hey Proper lad…who’s the investor then who’s already a Charlton fan ?
Methven told the Dossier that all the consortium was grouped together under the Global Football Partners name, partly to satisfy EFL.
are you being serious with this? that doesn't sound like a situation which would benefit the club at the moment ?
I’m not being anything, I’m reporting what CM has told me. As you’ll see from what he said in May the initial structure looked pretty messy to me, and certainly wasn’t going to work when the consortium expanded further during the following weeks. I’m not surprised the EFL wanted it cleaned up. It’s also good that, as someone reported earlier, the EFL has insisted on every “relevant person” presumably everyone with 10% or more, has had to make specific funding assurances.
What is it that concerns you? Possibly some misunderstanding, due to me having the advantage of knowing what the original structure was, but not being able to discuss it.
yeah sorry I miss understood your message. on re reading it I realised what you meant but it was too late when I edited the original! I had thought you meant the new owners would be outed and TS would return. I now know you mean the structure.
sorry for the miss understanding. I can only put it down to post traumatic ownership disorder !
I imagine it’s taking so long to announce because it’s taking CM a while to setup the whatsapp group with the 90 or so investors to let them know it’s gone through.
I imagine it’s taking so long to announce because it’s taking CM a while to setup the whatsapp group with the 90 or so investors ITK's to let them know it’s gone through.
Ive heard from my accountant and solicitor. We can expect new today. As for all the jealous brokies proclaiming me a fantasist, dont be jealous that im in ITK because me and Martin Sandgaatd ran black ops in Vietnam.
You ok?
Sorry was busy watching someone cleaning my bugatti ? Im fine mate, is wetherspoons open yet ?
The Cawley article contains an interesting bit of information, or at least makes clear something that seemed to me to be a bit vague. Each shareholder has to have two years money to keep Charlton going in proportion to their shareholding or they don’t get the nod from the EFL. In back of an envelope terms if the club loses 10 million a year (20 over two years) and Mr Methven has a 10% share, then he has to prove he is good for 2 million over the next two years. I would expect the EFL to have some kind of method where that 20 million is locked away in a vault of some kind for two years (accumulated in proportion to shareholding) and those monies are released at need by some kind of burser. Now I know with my business ignorance it probably doesn’t work quite like that, maybe somebody can clarify how indeed it does work. What stops somebody showing they have funds for the future, but not fronting up when the need arises?
I don’t think the EFL lock the funds away in some sort of high security vault in Preston! I would imagine you just need to demonstrate sufficiency of funds for the duration (I.e you have adequate liquid assets to cover your share of the running costs)
Correct - proof of sufficiency of funds is all that is required, not the funds up front locked away in some escrow account.
But I wouldn't be surprised if there was an investors agreement that achieved the equivalent of an escrow account to limit their individual exposures to funding the losses. Might be question that could be thrown in given the small investors may not be so safe a bet.
Agreed - there will very likely be contractual obligations/escrow accounts as part of the consortiums internal agreements.
I imagine it’s taking so long to announce because it’s taking CM a while to setup the whatsapp group with the 90 thousand or so investors to let them know it’s gone through.
See what i told everyone ? It would be announced and its been announced. Im the only person truly ITK and i can reveal its because I am part of the consortium and now own around 4% of a club i have loved for the past 3 months. All those who questioned me must now bend the knee and put their faith in me from now on. Needless to say ive had the last laugh.
Ill be at miller and carter celebrating tonight feel free to come and thank me.
Ive heard from my accountant and solicitor. We can expect new today. As for all the jealous brokies proclaiming me a fantasist, dont be jealous that im in ITK because me and Martin Sandgaatd ran black ops in Vietnam.
See what i told everyone ? It would be announced and its been announced. Im the only person truly ITK and i can reveal its because I am part of the consortium and now own around 4% of a club i have loved for the past 3 months. All those who questioned me must now bend the knee and put their faith in me from now on. Needless to say ive had the last laugh.
Ill be at miller and carter celebrating tonight feel free to come and thank me.
I wish they'd announce something...... anything frankly. They know that we know, although there are some things that we know we don't know, and they know that we don't know them...
I wish they'd announce something...... anything frankly. They know that we know, although there are some things that we know we don't know, and they know that we don't know them...
It will be officially announced in the coming hours, either this afternoon, just before or after Gills and possibly may be pushed until tomorrow so that we dont distract from the match.
As new part owner happy to answer any questions regarding the direction we plan to take.
Comments
Takeover is announced.
"We're on for a points deduction"
Seriously. There is no helping some people.
sorry for the miss understanding. I can only put it down to post traumatic ownership disorder !
Ill be at miller and carter celebrating tonight feel free to come and thank me.
As new part owner happy to answer any questions regarding the direction we plan to take.
😉