Charlton owner reveals Charlie Methven-led takeover is off

Methven, a former co-owner at Sunderland, has been heavily linked with a return to football with Charlton Athletic with national outlets claiming he was closing in on a £10million takeover of the League One club.

However, the Charlton owner has confirmed talks have broken down.

Sandgaard told South London Press: “I can’t say a lot until this point, it was best to keep it under wraps. I had signed a long-term sheet with that group that was led by Charlie. There was some very specific terms that were very clear at the end of January and coming into February that they didn’t comply with. Those were really the key items in the deal.

“So this morning I told Charlie I can’t keep doing this, that’s why that deal is off.”

The South London Press report: “Methven’s group say that a price was always agreed at £8.5million for a 90 per cent stake in the football club and that deposit was paid and banks funded.

“They add they then got a letter from Sandgaard saying he did not wish to proceed.”

Methven is no longer involved in Sunderland, although his former Madrox partners Juan Sartori and Stewart Donald retain shares in the club alongside majority owner Kyril Louis-Dreyfus. Methven’s new group – named SE7 Partners – were hoping to conclude the deal for Charlton shortly with money being pumped in by a US investor.

Former Sunderland CEO Jim Rodwell was appointed as Charlton’s new chief operating officer late last year.