East Street agrees Charlton Athletic takeover

29 November 2019 | Clubs & Rightsholders
East Street agrees Charlton Athletic takeover
English second-tier soccer outfit Charlton Athletic have been bought by Jersey-based investment company East Street, the club have announced.

The takeover is subject to regulatory approval by the English Football League (EFL) and is set to end Roland Duchatelet’s controversial reign at the club. The Belgian has been actively seeking a buyer for the last few years with several potential suitors having come and gone.

Until very recently, former Chelsea Chairman Peter Kenyon, a man also rumoured to be in buyout talks with Newcastle United owner Mike Ashley, was linked with a takeover.

Tahnoon Nimer and Jonathan Heller, respective Chairman and Chief executive of Abu Dhabi Business Development, join as directors, with East Street chairman Matt Southall taking on the same role at the club.

Southall, said: “We would like to thank Roland Duchatelet, his team and the directors for helping to facilitate a quick and smooth sale. They leave the club with solid foundations on which we can invest and build.

“Any deal of this kind is subject to the approval of the EFL and we are now working closely with them on the final details to satisfy their owners’ and directors’ test. Until that has been received, we will be making no further comment.

“But please be assured we intend to do everything within our power to bring back a true sense of pride to Charlton Athletic Football Club which is the least the fans, future generations of supporters and the community deserve.”

According to the club, Southall had early ambitions as a soccer player, but opted for a career in business instead and earned a Master’s in Business Administration after attending the University of Manchester. He later set up an ecommerce business, keeping an interest in the sports industry by working with sports agencies and their clients.

Over the last five years, Southall has been advising on international mergers and acquisitions, whilst building strong relationships with key businesses in the Middle East.

Charlton Athletic currently sit 17th in England’s second division, on 23 points.

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