Charlton Athletic is a medium-sized soccer club from Charlton, England. The club has had four periods in England’s top league, the most recent one from 2000-2007. The club has never won the top flight, though it did win the FA Cup in 1947 after losing in the finals the year before. A club with a long, but undecorated history dating back to 1905, they currently compete in England’s third division, the English Football League One.
In November 2019, Charlton was bought by East Street Investments (ESI), an investment fund from Abu Dhabi. There were reports of approval from the English Football League (EFL) in January 2020, but future disagreements arose. In March there was a dispute between the owners and there were rumors that the main investor was walking back and pulling out of the deal. The EFL then made a statement that the takeover had in fact not been approved, and placed a transfer embargo on the club until June 2021 because the new owners lacked proof of funding. In April 2020, the EFL officially opened an investigation into the purchase. Going another layer deep, in June 2020 there was a change in the ownership of ESI, with Paul Elliot taking charge. In August 2020, the EFL stated that Elliot failed its Owners’ and Directors’ Test. One month later, Danish businessman Thomas Sandgaard acquired the club from ESI and passed the Owners’ and Directors’ Test. The EFL released another statement, confirming the change in ownership.
This process began during the beginning of Charlton’s first season in the EFL Championship, after being promoted from League One. By the end of the season and this whole debacle, Charlton was relegated to League One after spending only one season in the Championship. This goes to show that sometimes a Middle Eastern takeover can do more harm than good. Everyone thinks of stories like Manchester City and PSG, who after being acquired by Middle Eastern owners, grew their squads and achieved success. However, this is not the reality in every case, as exhibited by ESI with Charlton. What might have happened if Charlton retained their previous owners before ESI? Would’ve they been able to stay in the Championship and avoid relegation? Currently 14th in League One, what will they have to do now to get promoted again?
Sources:
https://www.bbc.com/sport/football/53698266
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