Charlton set for another new owner as court rules there is no time to wait for Elliott

September 2 – Businessman Paul Elliott has had his takeover attempt thwarted after he was denied an injunction to prevent the sale of Charlton to any other party, meaning a takeover by US-based Danish businessman Thomas Sandgaard could be imminent.

Tahnoon Nimer owns 65% of Charlton’s shares through his holding company Panorama Magic. Sangaard is his preferred buyer and the Dane flew into the UK and attended Charlton’s EFL Trophy match against AFC Wimbledon on Tuesday.

Elliot had argued in court that he should be allowed to appeal the Football League’s decision to reject his bid to pass its owners and directors’ test.

The court didn’t follow Elliot’s argument. Judge Pearce ruled that there was “a very real risk that Charlton Athletic Football Club could suffer extremely severe consequences if it was not possible for another buyer to invest.” The judge added that if he granted an injunction and Elliott’s appeal failed, there was a risk an alternative buyer could be turned away, placing the club at further risk.

The hearing was conducted via video link and drew widespread attention. The judge said:  “Many of the people who remain on this call are frankly appalled by their beloved football club being dealt with as a commercial asset. I am afraid to say that is the reality of modern football.”

The ruling will be relief to Charlton fans who in recent years have had a procession of owners and who in recent weeks had come to fear that their club would go the same way as Bury.

Charlton were relegated from the Championship to League One on a dramatic final day of last season that saw Barnsley finish a point above them. Sangaard has said that he would provide manager Lee Bowyer with finds to build a competitive squad.

Contact the writer of this story, Samindra Kunti, at moc.l1601089155labto1601089155ofdlr1601089155owedi1601089155sni@o1601089155fni1601089155