"Brink of Collapse" - Sunday Mail
I don't normally believe anything I read in the Daily Mail
, however this appears in tomorrow's edition:"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."
The Mail also broke the denouement of the Zabeel takeover and the more I think about this the more I worry about the statement. There is clearly a reason why this whole process is taking a long time. Football club takeovers do not ordinarily present an array of issues in the M&A world as clubs generally are pretty transparent and simplistic organisations. We know there is debt but we were under the impression, because we were told so, that it was friendly, i.e. owed to existing directors.
Richard Murray was quoted recently saying him and others are set to write of millions if a takeover happens. However as New York Addick
pointed out, I too think individual directors are disunited and at complete loggerheads putting their own motives, rightly or wrongly first to the detriment of new capital investors.
Meanwhile I am sure Peter Varney's love of the club is spurring him to go way beyond the line at where others might walk away. The finances have fallen a long way since Varney was last involved with the club, something Zabeel I am sure were too very concerned about after their due diligence.
It is said the takeover could be completed very early next week, it could also very easily collapse and propel us into administration, particularly if Murray, Chappell, Hatter et al call in their debts taking us very much to the brink.