In a week which saw FA Chairman Lord Triesman warn of the perils of barely-regulated foreign investment and an upcoming bust to follow the Premier League boom, many were surprised at the news of a prospective takeover of Charlton Athletic by a Dubai-based investment company.
The Addicks were seen as unlikely candidates for a takeover by the Zabeel Investments group, which was recently rumoured to have shied away from a deal to buy Newcastle United due to Mike Ashley’s inflated valuation of the St James’ Park club.
Instead of bidding for an established Barclays Premier League club, the Zabeel group has followed the lead of Bernie Ecclestone and Flavio Briatore, who took over QPR for a relatively small £14m investment. It may appear an unconventional choice for an investor worth more than £3bn, but their excellent London location – and the fact that they own the freehold on their stadium and training ground – in fact makes Charlton a very attractive purchase.
Mohammed Al Hashimi, executive chairman of the group, added: "We feel now is the right time to make a strategic, long term investment in Charlton and get them back to the English Premier League where they belong.
"The passion of the fans at Charlton, the heritage of the club and the unique status it enjoys in the community make it an exciting proposition for us."
The Charlton board reciprocated the love-in:
"The board firmly believes that a successful outcome for this transaction would be beneficial to shareholders and employees of Charlton, all fans of the club and the local community as a whole," said a club statement.
It continued: "Should the offer be made formally to shareholders, the board would recommend shareholders to accept it.”
Charlton are currently scrapping for, realistically, a Championship play-off place at best and may not have seemed an obvious attraction for overseas investment when a club such as Portsmouth are reported to be on the market for a similar amount. However, while Pompey club are flying high in the Premier League, they lack the solid foundations of Charlton; who already harbour plans to expand, and have the Thames Gateway and Kent to exploit, in terms of potential fanbase.
Al Hashimi plans to immediately wipe out the club’s current debts of around £20m, pending due diligence formalities, and invest heavily in new players to make a drive for the promised land of the Premier League. Manager Alan Pardew has apparently been reassured by the club's board – and the prospective new owners – that his job is safe and that he will receive funds in the January transfer window. Current chairman Richard Murray will also remain at the club in some capacity.
The news has, understandably, been met with mixed reaction.
In one camp – the delirious fan; dreaming of imminent Premier League glory and subsequent world domination (note to these fans: Messi and Agüero won’t be rocking up at The Valley just yet).
The other, more sceptical camp wonder what the takeover means for the aforementioned reputation of the Addicks as a true ‘community club’ (a status envied by many fans of other clubs which have seemingly deserted their loyal, dyed-in-the-wool fans in the race for copious TV money).
This breed of fan may have found an unlikely ally in Lord Triesman.
“(Fans) feel their clubs are being touted around the marketplace for whoever might want to buy it,” the FA chief said of the growing foreign ownership in English football, earlier this week.
“You want to know what an owner’s values are and if they’ll be recognised over a long period of time. Many of the foreign owners do have those values.
“I’ve talked to a number of them and there’s no doubt in my mind that they share that community perspective on the importance of their club.
“But all I’m saying is that you can’t have owners with a total disregard for people’s passion for their club.
Yet, those urging sobriety from those in charge of the nations’ 92 professional clubs – who were reported this week to be in a collective £3bn pounds of debt – may find their words lost among the flood of investors from the east.
While Western economies crumble, football remains aloof – and why not? If you should find yourself in difficult financial straits, just sell out to the highest oil-rich bidder and retire (dis)gracefully with a trouser-sagging back-pocketful of cash.
The model of responsibility and financial accountability showcased by the scrupulously fair German Bundesliga (which boasts inexpensive ticket prices and packed stadia) is an ideal which we can only admire from afar. While the TV money continues to flow – and forecasters still expect the next deal to increase in value – the gold-paved road to football-as-Monopoly will perpetuate.
The admirable identity of Charlton Athletic – an increasingly rare example of a club which has combined relative success on the pitch with a strong community presence – will hopefully not be lost amid the mayhem.
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