Thursday, 12 August 2010

Becks - ceremonial friendly goodbye?

Well done David Beckham for stating he would not play in a special friendly to mark the passing of his career.

Beckham splits fans between a vital quality player or a fancy dan, a holder of 115 caps or a player whose 115 caps do not represent quality time spent on the pitch.

My own view has been that he was a vital part of the England set up who has been unfairly vilified, but who has also received more praise than he has warranted.

If last night Capello was really calling time on Beckhams career, and don't forget he has done that before at Real Madrid and had to eat his words, then it was done in a very clumsy way.  You have to wonder if it was deliberate or just a response to a question that went wrong.

Whatever it was, the result of the answerr was to deflect from the match yesterday and maybe, just maybe Capello would prefer talk of Beckham rather than his teams performances on the pitch.

However good a player is,the sands of time run through, the discarding of a star can be brutal ask Kevin  Keegan and Ray Clemence can testify and Beckham may argue the same,but let no one forget that these international players are in a better place than their lower league colleagues and lets not forget the sad passing this week from cancer of 31 year old Exeter forward Adam Stansfield.

Wednesday, 11 August 2010

Don't Panic, Don't Panic

Already the knives are being sharpened for Phil Parkinson, especially on 606, although to be fair Charlton Life seem to be viewing last night as juts another night in the life of supporting Charlton Athletic.

Yes we should be able to hold onto a 3-0 lead against lower level opposition and the result will have hit some of the younger players confidence, but lets look at the positive:-

1. we have players who will be relatively fresh coming back on Fridays meet with Matt Spring.
2. In two games our strikers have scored four goals, shared out amongst three of them, when did that last happen?
3. Our current three key strikers are up and running.
4. We went out at the same stage last season, it did not harm our performance across the season.
5. In fact, when we went out last season we were at the beginning of a seven game winning streak.

The success of this season is not going to be judged on the cups or single games, it will be judged on the league campaign and I have high hopes for a lesser talented but better balanced team doing ok.

Sunday, 8 August 2010

Summary of disposal of Charlton Letter

I received the letter from Sturat Butler Gaille regarding the management buy out of Charlton by Richard Murray, I have summarised as best I could but may have missed some or misinterpreted - new word of the day Novated - but hopefully for those that have not received the letter of who have not read it,it willgive you an idea of what its all about, constructive clarification of any points misinterpretted would be appreciated.

The disposal letter is a very boring document!
1. Over the last three years £14 + mill has been raised by the directors through Convertible corporate bonds, I addition £7m has been raised in working capital in Directors loans. Entitlement to be paid interest has continued to be deferred.
2. In addition, personal guarantees have been given in respect of the overdraft facility provided by a group of the directors.
3. Third parties have contacted the club regarding investment over the last 12 months and including during this summer, but this interest has proved fruitless.
4. On 14th August 2009 a consortium approached the club to purchase the full shareholding, however due diligence showed that the consortium did not have the financial funding to complete the purchase.
5. Richard Murray has agreed with his fellow directors and bondholders to effect a management buy out, which will enable him to provide further personal financial funding and time to seek further investment.
6. Murrays company will buy all shares for £2.00, with the discharge and or assumption of certain liabilities.
7. The holders of the Bonds (£14+m), have converted the bonds to £0.30 shares, removing the debt from the balance sheet. All rights to payment of accrued outstanding interest on the bonds has been waived.

This is where it gets complicated and uses big words I don’t know, so hopefully I have got it right.
8. The Directors loans have not been waived, however repayment terms are that no repayment will be made until such time as Charlton return to the premier League.

Interest on Director Loans will only be paid in the event that the club is competing in the Championship. Any interest accrued under the directors loans will be waived to the date of completion of the disposal..
9. The Directors are all in agreement.
10. The company formed by Richard Murray is BATON 2010 Ltd and the shareholders are Richard Murray, Andrew Murray and Hannah Murray.
11. Richard Murray is providing further working capital which is available to draw down during 2010/11 and has personally guaranteed £1m overdraft facility.
12. The company name will change from Charlton Athletic plc to CA plc.
13. A General Meeting to ratify the transfer will be held at the Valley on 23rd August at 11.00 am

Finally,in summary CA Plc is being wound up as it no longer has any assets or liabilities, which have been sold to Baton and all of its liabilities having been passed on.