Charlton Athletic chairman assumes sole control of club
Wed 28th Jul 2010 | Clubs Ownership
The Charlton plc chairman Richard Murray, announced yesterday (Tues 27th) that he had agreed terms with his fellow directors and bondholders for the purchase of shares which will see him assume sole control of the football club according to the club’s website.
The proposed management buy-out is due to be considered at a Extraordinary Meeting of shareholders early next month.
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.”
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