For those of us struggling to keep abreast of developments at Charlton Athletic we thought we would try to produce a weekly update of events.
This is not an attempt to provide a comprehensive and detailed analysis of every twist and turn. It is designed for those who are looking for a broad and manageable overview. We welcome comments and questions at email@example.com.
Last week's update is here: https://www.castrust.org/2020/03/what-is-happening-at-our-club/
In comparison with last week this week has been relatively quiet. The main item was a statement on the CAFC website from "The board of Directors" which:
- Reiterates that the club is not for sale.
- Says that the first instalment of financial investment will be made in April
- Inform us that the EFL have been supplied with documents to demonstrate source and sufficiency of funds plus documents for Claudiu Florica and Marian Mihail for the Owners & Directors test (ODT).
- Claims that the EFL "remain supportive and have informed us what remains outstanding"
The statement can be read in full here: https://www.cafc.co.uk/news/view/5e830e88a814e/a-statement-from-the-board-of-directors
The EFL have also (on Wednesday) replied to CAST confirming that:
- they are currently engaged with CAFC to acquire the relevant information to satisfy ODT requirements with respect of the new directors
- CAFC remain under a registrations embargo while dialogue continues as the EFL seek assurance that the necessary finances are available to fund the club until June 2021.
(We are disappointed that the EFL did not respond to our specific question about whether new documentation had been submitted. We also are not sure whether there is any significance in the fact that they say "assurance that the necessary finances are available" rather than making any reference to the source of funds.)
CAST have also been in contact directly with Director Marian Mihail who claims that "Tahnoon has confirmed that a £1m injection will come at the end of the month for the April expenses" and that "at least until the league is resumed we will work like this, month to month, in order to prioritise paying salaries and actual debts like loan fees instead of financing the bogus debts that keep appearing". He added that "we are still waiting for some guidelines from the EFL and the PFA about players' salaries and we are consulting with other clubs to see what measures they are taking".
The 2018/19 accounts for Charlton Athletic Football Company Ltd were published on the club website this week showing that the club lost another £10m last season. A separate article looks in slightly more detail at this.
Eighty six people have joined CAST in the last three weeks, taking our membership to just under 1200. Together we are stronger. If you are not a member or you know someone who isn't it is simple to join: